Flood may cost Thai economy up to $2.9b

Updated: 2011-10-10 16:27


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BANGKOK - The Bank of Thailand (BOT) estimated that economic damages from nationwide flood could amount to 60 billion baht ($1.94 billion) while the Office of the National Economic and Social Development Board (NESDB)'s estimation were at 80-90 billion baht ($2.58-2.9 billion).

Finance Minister Thirachai Phuvanatnaranubala said on Monday that the BOT has estimated economic damages from nationwide flooding at about 60 billion baht or 0.6 per cent 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 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," Bangkok Post quoted the minister as saying.

Since late July, almost one third of the country has been encountering with 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.