We at KResearch have preliminary assessed that direct economic losses from the extensive flooding in many northeastern provinces, e.g., Sakon Nakhon, Maha Sarakham, Sisaket, Nakhon Ratchasima and Kalasin, may top some THB15.725 billion, representing approximately 0.1 percent of GDP. Such losses should largely be seen in the agriculture sector, especially rice cultivation, followed by the commercial, industrial and service sectors there. However, because that figure is considered small relative to the national GDP, KResearch, therefore, has decided to keep our 2017 growth forecast for the Thai economy steady at 3.4 percent.
The massive deluge in northeastern Thailand is now adversely affecting the livelihoods of the local people, particularly farmers, who have already faced hardships from slumping agricultural produce prices, while local SMEs are facing certain other problems, too. Nevertheless, we will continue to monitor the situation and weather conditions in the region to assess their impacts on the economy ahead.
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