Thai GDP to decline due to floods

Kittirat na Ranong, deputy prime minister and commerce minister, on Wednesday admitted that the long-standing and widespread flooding situation might affect gross domestic product (GDP) by 20 to 30 billion baht (643-964 million U. S. dollars). The minister reaffirmed that the government had well realized how much Thai people have been suffering and was accelerating problem-solving. Bank of Thailand (BOT) in late September revised the GDP forecast of this year by reducing it from 4.5 percent to 4 percent given that floods have continued in 26 provinces out of 77 nationwide and world economic slowdown. The central bank also plans to readjust GDP prediction in mid October as floods go on. Flooding situation in the country has been carrying on since July 25, affecting at least 2.6 million people and killing 237.