# Floods Result in Economic Damage Ranging from 30 to 50 Billion Baht

- Link: https://www.thailand-business-news.com/economics/169385-floods-result-in-economic-damage-ranging-from-30-to-50-billion-baht
- Published: 2024-10-21T07:15:00+07:00
- Author: NNT

The Federation of Thai Industries (FTI) has estimated that recent floods in Northern
and Northeastern Thailand have caused economic damage amounting to between 30 and
50 billion baht.

##  Key Takeways

 * The FTI called for government action, including economic stimulus measures such
   as tax incentives to encourage spending and promote domestic tourism. These measures
   are deemed urgent due to the widespread impact on households, agriculture, industry,
   and tourism, contributing to an economic slowdown.
 * In September, the industrial confidence index dropped to 87.1 due to the flood’s
   effects, reduced domestic purchasing power, high household debt, and a slowdown
   in durable goods sales.
 * Vice Chairman Nava Chantanasurakon highlighted that tight credit from financial
   institutions and delayed government projects are impacting sales in construction
   materials. Additional challenges include Chinese goods dumping and the baht’s
   rapid appreciation, affecting manufacturing and exports.

Nava Chantanasurakon, Vice Chairman of the FTI, provided figures highlighting the
urgent need for government intervention. The floods have extensively impacted households,
agriculture, industry, and tourism, contributing to an economic slowdown. A recent
FTI survey indicated a decline in the industrial confidence index, reflecting pressure
from the floods and other challenges such as weak domestic purchasing power, high
household debt, and a decline in sales of durable goods.

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