Oct. 6 (Bloomberg) -- Thailand’s seasonal floods may cause as much as 130 billion baht of damage and reduce economic growth by up to 1.3 percentage points, the University of the Thai Chamber of Commerce said today.
The new estimate includes the cost of flooding in southern Thailand in April and May, in addition to damage caused by a deluge that began in July, the university said in a statement.
The university cut its economic growth forecast for this year to 3.6 percent from a May estimate of 4.4 percent because of the floods and the faltering global recovery.
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