Initial damages from the flood crisis on the Thai economy are likely to exceed 400 billion baht, excluding successive impacts and chain of effects to providing goods and service to customers, said Pornsil Patchritanakul, Deputy Secretary-General of the Board of Trade of Thailand.
If flooding hits Bangkok’s business areas, the damage could climb another 120 billion baht per month, as the capital’s Gross Domestic Product GDP is about one trillion baht each year.
Mr Pornsil said he wanted to see the government manage the flood problem systematically and build investors’ confidence by pledging a future safe from flooding.
Meanwhile, Mr Payungsak Chartsutipol, Chairman of the Federation of Thai Industries FTI said the initial damage on the industrial sector, after seven large industrial estates were submerged, was about 300-400 billion baht and the hardest hit industries were auto and auto parts, electrical appliance and electronics.
Losses from a trading halt of automobile and electrical appliance businesses and other businesses were about 100 billion baht per month. The damages also depend on how long flood will last.The FTI planned to meet entrepreneurs from flood-hit industrial estates, the Japan External Trade Organization, or JETRO and Japanese Chamber of Commerce on Oct 26 to discuss assistance in draining the flood water from industrial estates after the flood level was stable.
The FTI will also set up a team to oversee integrated rehabilitation.Ninnart Chaithirapinyo, FTI’s honorary chairman of the Automotive Industry Club said the current flood has more impact on the Thai auto industry than with the tsunami in Japan in March when auto production dropped by 30 per cent.
Thailand must fully open within 120 days says Prime minister
In a National Address delivered today, the Prime Minister of Thailand has set a goal for the country to be able to fully open within 120 days from today.
Thailand gains 1.2bn baht revenue from international film productions
During the four-month period, 31 production crews came to Thailand to shoot films, generating 1.212 billion baht revenue for Thailand. The number of productions may be lower than 123 the previous year, but the revenue is almost double the 2020 figure of 589 million.
Subscribe via Email
Novo Nordisk certified as one of the Best Places to Work in Thailand
Novo Nordisk Thailand certified as one of the Best Places to Work. An exclusive interview with John Dawber, Vice President...
ASEAN and EU conclude the world’s first bloc-to-bloc Air Transport Agreement
The AE CATA is the world’s first bloc-to-bloc air transport agreement and will bolster connectivity and economic development among the...
Download 1xBet app and play all over the world
Whereas Singapore and The Philippines have lax gambling laws, Thailand has some of the strictest gambling laws in Southeast Asia....
Thailand confirms No Quarantine plan for Foreign Visitors under Phuket “Sandbox” Scheme
Phuket will be reopened to fully vaccinated international travellers without quarantine from 1 July, 2021, but ‘final’ official details are...
Thailand’s Prime Minister concerned over illegal gambling during Euro 2020
Police in Thailand is tasked with monitoring illegal gambling. Raids regularly take place resulting in fines and or jail time...