Floods Deal Ten Billion Baht Blow to Thai Economy
Three days of flooding across 21 Thai provinces will cost the economy roughly 100 billion baht, with Bangkok suffering the heaviest damage at 2-3 billion baht as travel and consumer spending plummet.
The Thai Chamber of Commerce forecast that three-day flooding damage will cost the economy roughly 100 billion baht and trim GDP growth by just 0.05%, according to Thanaworn Polvichai, rector and chief advisor of the university's economic and business forecasting center. Initial surveys found flooding in 21 provinces, reducing travel and weekend consumer spending, while some Bangkok shopping malls saw sales drop and fuel stations faced lower demand. Damage is projected to hit Bangkok hardest at 2–3 billion baht, followed by suburbs at 1–2 billion baht and 16 provincial areas at 2–5 billion baht. In Bangkok and the immediate vicinity, the crisis is expected to last only three days, but provincial flooding could persist for three to seven days.
