Thailand floods could cost $327 million and shave 0.3 points off GDP growth
Floods in Thailand are projected to cause at least 11 billion baht (about $327 million) in losses and cut this year’s GDP growth by roughly 0.3 percentage points.
Aat Pisanwanich of Rangsit University’s economics department said the flooding could inflict at least 11 billion baht (US$327 million) in damage across Thailand, shaving about 0.3 percentage points from the country’s annual GDP growth, bringing it down to 2.1 %. The third-quarter outlook is also expected to fall by roughly 0.5 points to 1.7 %. Bangkok and the eastern provinces are bearing the brunt, with wholesale and retail businesses hit hardest, while manufacturing and agriculture elsewhere face losses.
Heavy rains delivered 320 mm in two-three days, flooding neighborhoods and overwhelming drainage. Interior ministry permanent secretary Unsit Sampuntharat reported more than 80,000 people unable to leave their homes, and authorities are mobilising mobile kitchens and boats to ensure three meals a day during the flood period and for a week after waters recede. Since mid-September, floods have affected 41 provinces, killed at least eight people and disrupted over 580,000 homes.
Why it matters
The disaster threatens Thailand’s modest economic recovery and puts thousands of residents at risk.
How this story developed
- Sep 26 Bangkok declares citywide disaster as torrential rains dump nearly 300 mm since Thursday
- Sep 26 Temporary shelters have been opened, now housing roughly 900 people.
- Sep 27 Prime Minister Anutin Charnvirakul cut short his London trip to oversee the flood response.
- Sep 27 Rain has eased and canal water levels are beginning to drop.
- Sep 28 The Indonesian embassy confirmed that one of its citizens was stranded at a hotel after access roads were submerged.
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