Off the wire
• Weather forecast for major Chinese cities, regions -- July 10  • Urgent: SCO elevates Belarus as observer, accepts four new dialogue partners  • Weather forecast for world cities -- July 10  • 1st LD Writethru: Xi pledges closer China-Afghanistan security cooperation  • 5,701 glacier lakes on Third Pole region: survey  • 1 killed, 3 wounded in leftist rebel attack in S. Philippines  • Urgent: SCO starts procedures to grant India, Pakistan membership  • Cinemas to reserve mornings for Chinese animations  • Feature: Namibian dancers cherish training experience in China  • Dead sperm whale found near Singapore's Jurong Island  
You are here: 　 Home

Thai institution lowers economic growth forecast over drought

Xinhua, July 10, 2015 Adjust font size:

The University of the Thai Chamber of Commerce (UTCC) has slashed its economic growth projection for 2015 to less than 3 percent, on the grounds that prolonged drought has incurred economic losses.

The previous projection was 3-3.5 percent, Thanavath Phonvichai, Director of the UTCC's Economic and Business Forecasting Center, was quoted by the Nation newspaper as saying on Friday.

According to a UTCC survey, which was conducted among 1,200 farmers nationwide, the lingering drought has stricken more than 92.2 percent while the rest, mostly in the southern part, remain unaffected.

Two spells of drought, from October to December 2014 and from May 2015 to now, respectively, have hit 25 provinces, causing extensive damage to farmland and already costing the national economy 68.14 billion baht (2 billion U.S. dollars), the survey showed.

Thanavath suggested the government help drought-affected farmers out by providing compensations and solving their problems of rising debts, among others.

In a related development, Director-General of the Royal Irrigation Department Lertwirote Kowatana said Friday that the rainy season would begin in August and asked drought-hit farmers to get ready for rice cultivation.

The dry season has lasted unusually long due to the volatile climate, Lertwirote said. Endi