Thailand's economic growth likely to be affected by drought

BANGKOK, March 25 (TNA) - As several areas in Thailand have been hit by drought, with temperatures forecast by the Meteorological Department to be as high as 39-44 degrees Celsius next month, the country may face a total damage by drought at over 119 billion baht. Thanawat Phonvichai, Director of Bangkok-based University of the Thai Chamber of Commerce’s Economic and Business Forecast Centre, projected on Friday that Thailand could face an about 119.28 billion baht damage from ongoing drought, which would also affect the country's gross domestic product (GDP) growth by 0.85 per cent. Urging people to save water, especially during the upcoming Songkran Festival, the traditional Thai New Year, which officially falls from April 13 to 15, Thanawat told journalists his centre had conducted a latest survey among local business operators, agriculturists and government offices during March 7–16 and found that Thailand's this year drought could continue until June. Thanawat noted that the local agricultural sector is, thus, foreseen to be affected by approximately 77.86 billion baht consequently, followed by the business sector at about 41.42 billion baht. Thanawat reasoned that agriculturists need to buy water and turn to loans given by non-financial institutes and their debts could increase by 12 per cent from last year, or an average of 167,452 baht per household. According to the senior Thai economist, local farmers need to grow crops which consume lesser water and people should save water, especially during the upcoming Songkran Festival. (TNA)