Flood may cost Thai economy nearly $2 bn

October 10th, 2011 - 5:08 pm ICT by IANS  

Bangkok, Oct 10 (IANS) The Bank of Thailand (BOT) estimated that economic damages from nationwide flood could amount to 60 billion baht ($1.94 billion).

However, the Office of the National Economic and Social Development Board (NESDB) estimated the losses at 80-90 billion baht ($2.58-2.9 billion), reported Xinhua.

Finance Minister Thirachai Phuvanatnaranubala said Monday that the BOT has estimated economic damages from nationwide flooding at about 60 billion baht or 0.6 percent of gross domestic product (GDP), the Bangkok Post website reported.

The BOT presented its assessment to a meeting of related agencies following the continuous, massive flooding.

Meanwhile, the NESDB issued a report with a bleaker estimation saying that nationwide flood could incur economic loss of 80-90 billion baht or 0.9 percent of the GDP.

“This is the only initial estimates of damages from the flooding since more impacts are still to come. But I don’t think the damages would be higher than the NESDB’s estimate of 80-90 billion baht,” the Bangkok Post quoted the minister as saying.

Since late July, almost one-third of the country has been facing flood and landslide caused by tropical storms and monsoon rain. Currently, some 30 provinces out of total 77 in central, northern and northeastern regions are still suffering from flood which left at least 261 people dead and over 2.3 million affected.

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