Thailand Floods Ignite Economic Fears

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2 November 2011

BANGKOK, THAILAND – The recent heavy flooding in the Thai Kingdom has taken lives, displaced thousands, and is now posing an economic threat to an already weather-battered country. Thailand was once a leader among the fastest growing world economies, but has seen significant slow down in more recent years when compared to its neighboring countries, such as Vietnam and Indonesia. Much of Thailand’s recent economic underperformance has been attributed to the recent floods as well as a series of natural disasters that have hit the country over the last several years. One of the Government’s priorities is to maintain investors and keep investor confidence high. Earlier in the week, Thailand Prime Minister Yingluck Shinawatra voiced future plans to have an $800 billion baht ($25.97 billion) aid program to help farmers and business operators affected by flooding. Thai Government spokesman Thitima Chaisaeng, stated that major portions of aid funding will be used towards the upgrading of roadway and dam systems as well, in order to achieve higher flood control. Officials are hopeful that through the delivery of proper infrastructure and response that this will prevent future serious flooding and also become an economic catalyst for future foreign investment.

SOURCE: http://online.wsj.com/article/SB10001424052970203707504577011850569565924.html

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