A Thai employee cleans up outside a grocery store as floods recede in Bangkok, Thailand, 24 November 2011. Floodwaters have started to recede in Bangkok's northern suburbs but not in the western and eastern sections of the capital. The worst flooding in five decades has claimed over 600 lives and caused billions of dollars in damages industrial manufacturing plants, much of it foreign-owned and tourist sites shaving at least one per cent off the country's economic growth. RUNGROJ YONGRIT / EPA

BANGKOK, November 26 (Xinhua) – 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. […] 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.

World Bank says floods cost Thailand $45 B

By Ivana Kvesic, Christian Post Reporter
26 November 2011 Parts of southern Thailand found itself inundated with water on Thursday. Songkhla province in Thailand’s southern region has been facing heavy rains for several days, which have caused a number of districts in the province to face flooding conditions that are already prevalent in Bangkok and other parts of the country. In some parts of the province, water is as deep as 13 feet. Hundreds of people have been forced to evacuate their homes due to the flooding and the flowing water swept away a 3-year-old child several days ago. Certain areas in Songkhla are now considered a disaster zone due to the flooding and three people have been reported dead in the region. […] In Bangkok’s northern suburbs water has receded, but the western and eastern parts of the city remain chockfull of murky water. On Friday protests arose in the city with frustrated residents attempting to put pressure on the government to speed up the draining of the floodwater. […] Many Thai nationals have expressed their discontent with the government response to the crisis and one individual from a central province has even filed a court petition accusing government officials of flood mismanagement.

Thailand Swamped With Deadly New Floods