Thailand: Damage from flooding to economy can reach 811 million USD

The flooding in northern Thailand has been the most severe in the past 80 years and impacted the economy by as much as 27 billion THB (about 811 million USD), the Federation of Thai Industries (FTI) has reported.

Damage from flooding to the Thai economy can reach 811 million USD (Photo: nationthailand.com)

FTI chairman Kriengkrai Thiennukul said the federation has estimated that the floods have caused 25-27 billion THB in damage to the economy and entrepreneurs in the area. He also revealed that 60 FTI members in Chiang Rai have been affected by the floods, including damage to factories, machines, cars, and office equipment.

The FTI Chiang Rai office has been ordered to evaluate flood damage, so measures to compensate for the damage can be launched this week, he said.

He added that FTI members who produce consumer items have been asked to increase production capacity to meet the demand of people amid the flood crisis.

Most of the members in Chiang Rai province were in the agricultural processing industry, he added.

Kriengkrai affirmed that the federation has prepared urgent measures to rehabilitate business for its members who were directly or indirectly affected by the flooding./.

VNA