Floods affect Thailand's economic growth

BANGKOK, December 14 (TNA) - Experts say that Thailand's flooding crisis over the past couple of months has affected the national economy in the final quarter and the Thai economy should, therefore, grow by only 1-2 per cent in 2011, as projected by several economic institutions earlier. Bandid Nijathaworn, President of Thai Institute of Directors Association told a seminar in Bangkok Wednesday that post-flood unemployment is expected to be a major problem for the Thai economy in 2012 and may erode consumer confidence and purchasing power. Bandid, who is a former deputy governor of the Bank of Thailand (BOT), suggested that the government send a clear signal on efficient water management in order to restore confidence in the Thai economy among international investors and travellers. Porametee Vimolsiri, Deputy Secretary-General of the National Economic and Social Development Board (NESDB), acknowledged, meanwhile, that an efficient water management master plan of the government is considered a vital factor in restoring the post-flood Thai economy and global investors' confidence, saying that the 400-500-billion-baht plan should be materialized over the next 3-4 months. (TNA)