World Bank says floods cost Thailand $45 B

According to the World Bank, the devastating floods have caused about $45 billion in estimated damage and are likely to slash Thailand's economic growth to 2.4 percent this year, Bangkok Post reported on Saturday.

The grim assessment was unveiled by the bank's country director Annette Dixon after a meeting with Virabongsa Ramangura, chairman of the Strategic Committee for Reconstruction and Future Development, a special body set up by the Thai government, on Friday.

Of the estimated damage, around $21.11 billion involve property losses and $22 billion involve lost opportunities.

The initial survey was jointly carried out by state and private agencies.

Based on the estimate, Thailand's economic growth will tumble to 2.4 percent from 3.6 percent projected previously, said Dixon.

However, she said the impact from the floods would not be all negative as it would spur spending.

She said economic growth would continue next year as a result of rehabilitation and rebuilding spending by both the public and private sectors.

The World Bank's damage survey and assessment covers four sectors: public infrastructure such as transport and telecoms; manufacturing such as farming, tourism and industry; social development such as education and public health; and the environment.

According to the assessment, Thai government has rolled out several relief measures and assistance, but it should do more to help make access available to the poor.

It has called on the government to ensure that affected farmers are given every assistance possible as they will soon resume work.

Eariler, the National Economic and Social Development Board of Thailand (NESDB) has estimated that the Thai economy is projected to contract by 3.7 percent in the fourth quarter, down from a previous projection of 5 percent before the floods, depressing annual growth to 1.5 percent from the earlier projection of 3.5 percent to 4 percent.

The country's worst floods, caused by heavy monsoon and overflow from several dams in upper parts of the country in nearly 60 years have claimed more than 600 lives and affected about 10 million people since mid-July.