The Federation of Thai Industries estimates floods in Northern and Northeastern Thailand caused 30-50 billion baht in damages, urging government stimulus measures to combat economic slowdown and declining industrial confidence.
Economic Impact of Recent Floods
The Federation of Thai Industries (FTI) estimates that recent flooding in Northern and Northeastern Thailand has inflicted economic damage ranging from 30 to 50 billion baht. This disaster has severely impacted households, agriculture, industry, and tourism, leading to a notable economic slowdown in the region.
Call for Government Action
In response to these challenges, the FTI is urging the government to implement economic stimulus measures. Proposed actions include tax incentives designed to boost consumer spending and stimulate domestic tourism. With the industrial confidence index dropping to 87.1 in September, immediate action is deemed essential to counteract the negative effects of the floods and other economic pressures, including high household debt.
Challenges Facing Industries
Vice Chairman Nava Chantanasurakon emphasizes that tight credit from financial institutions and delayed government projects are significantly hindering sales, particularly in the construction materials sector. Additional hurdles, such as the dumping of Chinese goods and the rapid appreciation of the baht, pose challenges to manufacturing and exports, further complicating the recovery efforts.
Source : Floods Result in Economic Damage Ranging from 30 to 50 Billion Baht
