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Drought Will Cost Billions
18 June 2010
Severe droughts throughout Thailand could cause economic losses of more than 6 billion baht,a newspaper has reported.
According to the Bangkok Post, the harsh weather conditions are expected to cost farmers between 4.35 billion and 6.55 billion baht, with further damage anticipated if dry spells persist until August.The figures come from a survey of almost 1,800 producers in 60 provinces, by the University of the Thai Chamber of Commerce (UTCC).
Thanavath Phonvichai, an economist from the chamber, said that such losses would cause a reduction in Thailand's economic product of around 0.05 per cent.
Mr Thanavath admitted, however, that losses "should remain lower" than those felt after severe droughts in 2004, when a dry period lasting from December to September cost the country around 37 billion baht.
Earlier this month, Chalit Damroengsak, director general of the Royal Irrigation Department, told Forbes business journal that the country could face a "water crisis" as demand from farmers continues to rise.
TheCropSite News Desk
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