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Flood Impact Economic Prospects Can I Descended Again When Disaster Worsens Flooding Will Continue to Crush Thailand’s GDP

indonesiafinancetoday.com

BANGKOK – Widespread flooding in some areas in Thailand have disrupted the economy of the country. A number of sectors that have been supporting Thailand’s economy, like tourism, agriculture and industry, were disrupted by floods in recent months. These conditions encourage the Bank of Thailand (Bank of Thailand / BoT) pessimistic about the prospects of the domestic economy this year, given the increasingly widespread floods.

Therefore, BoT revises growth forecast gross domestic product (GDP) in 2011. Through its quarterly report on Friday (28/10), BoT cut its GDP forecast to 2.6 percent this year from which issued the original target of 4.1 percent.

“Widespread flooding, now impact not just on agriculture, but also activity in the manufacturing industry. Conditions that would substantially burden the possibility of economic growth in the fourth quarter,” the report BoT.

BoT assistant governor Paiboon Kittisrikangwan even extremely pessimistic about the current condition of Th ailand. According to him, Th ailand GDP projections could be lowered again if flooding in the country worsened. In addition to cut economic growth this year, the BoT also revised its infl ation in 2011 to 3.8 percent, down from the original target of 3.9 percent, while the benchmark rate was maintained at 3.5 percent position.

Flash floods in Thailand worsened due to the high intensity rainfall in the upstream. Besides damaging rice fields, flooding is now starting to reach the capital city of Th ailand, Bangkok. In fact, the second largest airport in Bangkok, Dong Muang, has been submerged. As a result, domestic flights disrupted. The accident has caused the food crisis, disrupting economic activity and create a sluggish domestic consumption.

The worst floods in the past decade has been soaking the thousands of factories that make the activity in the manufacturing industry was paralyzed. As a result, nearly half a million citizens of Thailand for a while does not work.

Japan Bids

Responding to this situation, the Japanese government issued an announcement that permit employees of Japanese companies in Th ailand to work at Sakura. Currently, there are 12 Japanese companies in Thailand who temporarily stop production activities. Th ailand flash floods in disrupt the supply chain has a component of the entire country into another country. The Japanese top leaders could not hide his concern over plight of Thailand.

Because the giant automakers Toyota and Honda also hit by the flooding so the impact on domestic income. The Japanese government worried about the ongoing economic recovery can be sunk back with a flood after the recent yen continues to strengthen.

“The Japanese government will accept the Thai workers who work for Japanese companies and companies also will ensure they return to Thailand when the floods subside,” said Japan’s Chief Cabinet Secretary Osamu Fujimura.

Fujimura added, workers will receive permission to stay in Japan for six months. The decision was reserved for 30 companies from Japan to total workers in the thousands of people. Granting the permit on the basis of the request a number of Japanese companies are now offset a decline in production in Thailand through increased domestic production.

“Damage caused by floods to affect the supply chain creates a serious impact not only for Japan’s economy, but also economic activity in all members of ASEAN (Association of Southeast Asian Nations),” Fujimura said. uci/AFP/Rtr/E-10

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