Thousands huddle in Bangkok shelters as Thai flood damages seen at $320 mln
SPY•Flooding across 41 Thai provinces has killed at least eight people and affected more than 580,000 homes. Economic damage is estimated at 11 billion baht ($327 million), with a university estimate putting Bangkok’s losses at 7 billion baht.
1. Flooding hits Bangkok
Residents waded through waist-deep water in parts of Bangkok after 320 mm of rain fell over two or three days last week. At least 5,901 people have moved to 234 evacuation centres in the capital, while more than 80,000 residents in flooded areas are unable to leave their homes, the interior ministry said.
2. Economic damage estimates
An economist at Rangsit University estimated nationwide damage at at least 11 billion baht ($327 million), saying losses could rise unless conditions improve. He estimated flooding would reduce this year's GDP growth by 0.3 percentage points to 2.1% and third-quarter growth by about 0.5 percentage points to 1.7%. The University of the Thai Chamber of Commerce estimated Bangkok's damage at about 7 billion baht and the nationwide impact at 12.3 billion baht.
3. Evacuations in Rayong
Authorities ordered evacuations in the eastern coastal province of Rayong after floodwaters pushed two reservoirs beyond capacity. Bangkok and the eastern region are likely to bear the brunt of the impact on wholesale and retail businesses, the Rangsit University economist said.
