The Thai economy is expected to remain sluggish for a while due to the country's worst floods in half a century, according to the Bank of Thailand (BoT).
BoT domestic economy department senior director Methee Supapong said Thursday there had been a decline in exports, industrial output, tourism and domestic consumption.
"Exports of electronic goods and hard disk drives have a tendency to decline because of the state of the global economy but the flooding will likely prolong the slump.
"The sector that will suffer more impact is tourism as travelling might not be easy, but there'll be some tourists coming to the country because foreign tourists understand the situation in Thailand," Mr Methee said.
The central bank's study found business and consumer confidence had fallen below the 50-point level as sales orders had been down for some time because of the widespread flooding in the North, Northeast and the Central Plains.
However, the BoT expected the inflation caused by the severe flooding would be short-lived. Product prices would return to normal when the water recedes It was unlikely to affect next year's inflation, rate, he added.
This morning, the central bank said 13 commercial banks and a financial firm reported that they had now temporarily closed a total of 482 branches in flood-hit provinces.
Of the total, 196 outlets are in Bangkok, 154 in Pathum Thani, 69 in Nonthaburi, 32 in Ayutthaya, 22 in Nakhon Pathom, seven in Nakhon Sawan,and one each in Chai Nat and Samut Sakhon, the central bank said.
Services at 4,506 ATMs operated by the banks were also halted.
Of the total, 1,426 are in Pathum Thani, 1,333 in Bangkok, 732 in Nonthaburi, 657 in Ayutthaya, 125 in Nakhon Pathom, 54 in Nakhon Sawan, 50 in Samut Prakan, 31 in Samut Sakhon and the remainder scattered through other flooded towns.
The central bank on Tuesday, Nov 1, reported the banks had closed 436 branches.
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