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Thai Economy Rebounds Strongly from Flood Crisis



AFP news reported that Thailand's economy posted double-digit growth in the first quarter of 2012, rebounding from the fallout of last year's devastating floods, official data showed on May 20, 2012. Gross domestic product (GDP) grew 11% in January-March from the previous quarter, when the economy had contracted 10.8%, according to the National Economic and Social Development Board, said the news.  GDP rose 0.3% compared with the same period in 2011.

Thailand flood prevention strategy
Source: Presentation "Thailand's Economy, Industrial and Investment Strategies" by H.E.M.R Pongsvas Svasti, Minister of Industry, Thailand March 26, 2012 in South Korea


According to the AFP news, the months-long floods last year killed hundreds of people and caused widespread damage to Thailand's industrial heartland north of Bangkok(click here for more details). Investment by companies to get their plants back up and running is now helping to revive the economy, while the agriculture sector posted solid growth and consumer demand also rebounded in the first quarter. At their height the floods affected 65 of the country's 77 provinces, damaged hundreds of thousands of  homes and forced the closure of large industrial parks, disrupting global supply chains.

Thailand flood prevention strategy

Thailand flood prevention strategy

Thailand flood prevention strategy

Thailand flood prevention strategy
Source: Presentation "Thailand's Economy, Industrial and Investment Strategies" by H.E.M.R Pongsvas Svasti, Minister of Industry, Thailand March 26, 2012 in South Korea



According to Thailand's Board of Investment (BOI)'s press release in April 2012, in the first quarter of 2012, total investment value into Thailand reached Bt 231.1 billion, a significant increase of 106% from Bt 111.9 billion in the same period of 2011. The growth was seen in the chemicals, paper and plastics industries followed by the service and public utilities sector. Also showing major increases were the electronic and electrical appliance industries.








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