Utcc: Economic Damage B300-400Bn

[Flashermac]

The damage to economy caused by the widespread flooding is estimated at between 300 and 400 billion baht, said Thanawat Ponwichai, director of the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce.

 

“The floods would trim gross domestic product growth for the year to only about 1.5 to 2.5 per centâ€, he said.

 

Mr Thanawat said an economic recession would be clearly seen in the fourth quarter because the agriculture, industry, trade and tourism sectors were all affected by the floods.

 

If the government can rapidly handle the flood water, rehabilitate flooded areas and heal the flood victims, the 2012 economy would be able to move forward in February or March, he said.

 

In that case, the economy could grow by between four and five per cent next year. The projection was based on a hypothesis that global economic crisis must not worsen, he added.

 

“If the flood water is quickly drained, the industry sector is rapidly rebuilt and rehabilitated and the investors’ confidence is soon restored, there is a possibility that GDP growth for 2012 could be around four to five per centâ€, said the academic.

 

 

BP

[cavanami]

Me thinks that it will be some years for some to recover, like the Thai lo-so's. They have little money now and they will be looking at replacing; refrigs, air cons, fans, microwaves, cars/trucks, food carts, etc.

There will be nasty black mold and stink in houses causing people to get sick.

Unless the gov gives some massive handouts, a lot of people will continue to suffer, IMO.