ID :
212078
Mon, 10/10/2011 - 14:25
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http://m.oananews.org//node/212078
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Flood damage on Thai economy reaches 60-80 billion baht
BANGKOK, October 10 (TNA) - An initial estimate of losses from flooding in Thailand, which began in late July this year, has already reached 60-80 billion baht, or about 0.6 to 0.9 percent of national Gross Domestic Product (GDP), according to Thai officials.
Finance Minister Thirachai Phuvanatnaranubala on Monday discussed the flood impacts on the Thai economy with Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong, Bank of Thailand Governor Prasarn Trairatvorakul, Secretary-General for the National Economic and Social Development Board (NESDB) Arkom Termpitayapaisit, and Director for the Budget Bureau Worawit Jampeerat.
Thirachai revealed after the meeting that the Bank of Thailand estimates damage from the flood to be at about 60 billion baht which is tantamount to 0.6% of national GDP while the Office of the National Economic and Social Development Board, estimates the damages at 80-90 billion baht or 0.9% of the GDP.
The Finance Ministry acknowledged, however, that it is too early to estimate the full impact of the flooding and that the actual loss might not be as serious as what the NESDB anticipated.
Thirachai said the meeting suggests that the government budget allocation in the next three to five years focuses on long-term solutions to the country’s flood problem including the improvement of public utilities, infrastructures and logistics to enable timely relief response as well as the development of flood prevention systems such as the construction of more concrete floodwalls and the reinforcement of water sluice gates. (TNA)
Finance Minister Thirachai Phuvanatnaranubala on Monday discussed the flood impacts on the Thai economy with Deputy Prime Minister and Commerce Minister Kittiratt Na-Ranong, Bank of Thailand Governor Prasarn Trairatvorakul, Secretary-General for the National Economic and Social Development Board (NESDB) Arkom Termpitayapaisit, and Director for the Budget Bureau Worawit Jampeerat.
Thirachai revealed after the meeting that the Bank of Thailand estimates damage from the flood to be at about 60 billion baht which is tantamount to 0.6% of national GDP while the Office of the National Economic and Social Development Board, estimates the damages at 80-90 billion baht or 0.9% of the GDP.
The Finance Ministry acknowledged, however, that it is too early to estimate the full impact of the flooding and that the actual loss might not be as serious as what the NESDB anticipated.
Thirachai said the meeting suggests that the government budget allocation in the next three to five years focuses on long-term solutions to the country’s flood problem including the improvement of public utilities, infrastructures and logistics to enable timely relief response as well as the development of flood prevention systems such as the construction of more concrete floodwalls and the reinforcement of water sluice gates. (TNA)
