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The Bank of Thailand has lowered its economic growth projection for this year to 1.8%, from the previous forecast of 2.6%, as a result of the floods.
A monk cleans a temple after floods start to recede in Ayutthaya province last month. While the Bank of Thailand has revised upwards its growth forecast for next year, on the back of a post-flood recovery, figures released by the Finance Ministry paint a grim picture of the damage caused by the worst floods in more than 50 years.
However, the BoT expects the economy to expand by 4.8% next year, from a previous projection of 4.1% on the back of the government's spending in projects to rehabilitate flood-hit areas and to rebuild the country.
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About the author
- Writer: Kamol Hengkietisak
- Position: Reporter
