Skip to comments.Thai flood damage likely to cost Bt100-200 bln, to shrink GDP by 2%: World Bank
Posted on 10/20/2011 2:12:28 PM PDT by TigerLikesRooster
Thai flood damage likely to cost Bt100-200 bln, to shrink GDP by 2%: World Bank
BANGKOK, Oct 20 - Thai floods damage is likely to cost at least Bt100 billion and perhaps even amount to more than Bt200 billion and to shrink the countrys gross domestic product (GDP) by two per cent, Kirida Bhaopichitr, World Bank senior economist for Thailand said on Thursday.
Thai economic growth in the fourth quarter is projected to be negative. However, the World Bank must continue monitoring the situation for further assessments as the flood crisis has not ended yet.
Thai economic growth will be revised downward about December, from earlier projected growth of 3.7 per cent.
(Excerpt) Read more at mcot.net ...
A couple of months back, unemployment was very close to 0%. Wages, while low for entry level, were going up with the minimum wage to go from 100 bht to 300 bht. With no Soros intervention with currency speculation, the damage of the flood will hurt the farmers badly but will be overcome.
How do they calculate unemployment?
Citizen ID cards are used for everything and the businesses deduct employee taxes from wages. Companies go to employment contractors when they cannot fill jobs or to get foreign workers. Everything is run off the census ID, even what hospital you can go to. So it is in people’s interest to report unemployment. They keep as much individual information as we do and then some. Of course, the criminal economy is masked by supposed jobs. Also earnings reports are only for wage earners and there is a big underground economy.