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Last Updated : Oct 21, 2011 05:06 PM IST | Source: PTI

World Bank estimates over 100 Billion baht in flood damage

World Bank estimates over 100 Billion baht in flood damage

Bangkok, Oct 21 (TNA) The World Bank has estimated damage caused by Thailand''s ongoing flooding to exceed 100 billion baht while forecasting that Thailand''s GDP this year will shrink by 2 per cent from its earlier adjusted growth of 3.7 per cent.

Kirida Bhaopichitr, an economist at the World Bank''s Bangkok office, said the damage costs should range between 100 billion and 200 billion baht, which will affect the country''s GDP by 2 per cent and contract growth during the fourth quarter.

The World Bank will make another revision of Thailand''s growth forecast in December, she said.

Kirida said Thailand''s economic growth in 2012 is expected to rise above 4.2 per cent, as projected by the World Bank, due to massive spending on rehabilitation programmes including on housing.

The senior economist also said that foreign investors in the short-term are not expected to relocate their production base elsewhere due to their massive investment in Thailand.

Kirida said that in medium and long terms, investors'' decisions will rest upon the government''s preventive measures against floods.

The World Bank urges the Thai government to come up with efficient water management programme because China is scheduled to open 5-6 dams from the year 2014-2015, she said.

The planned opening of the dams will affect water flows of the Mekong River and water in Thailand. (TNA)

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First Published on Oct 21, 2011 04:42 pm

tags #Wire News

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