The Thai private sector is expressing concern that the flooding seen in August, which has already caused damage estimated at about 8 billion baht, may get worse this month and into October, due to tropical storms which could hit Thailand, said Payong Srivanich, president of the Joint Standing Committee on Commerce, Industry and Banking.
To prevent a repeat of the devastating floods in 2011, he said that the joint committee has submitted its long-term plan to the government for mitigating the risk of flooding.
During the second quarter, he said that the rate of economic growth, particularly private investment, shrank by 6.8%, mainly due to a 24% drop in automobile sales.
Private investment in the short-term is expected to slow further, due to a decline in consumer and private sector confidence, said Payong adding. Exports in July increased, however, by 15.2% year on year, due to a global revival in demand for electronics.
Exports for the whole year are expected to grow by between 1.5% and 2.5% year on year.
The joint committee is currently working on a white paper, which will compile the recommendations of the private sector as guidelines for the government on how to deal with pressing economic problems.
These include household debt, the underground economy and the sluggish economic recovery, as manifested by the closure of more than 700 factories during the first seven months of this year, said Payong.
He expects the white paper to be complete within a month for presentation to the government.
