Thai central bank estimates flood damage

The Bank of Thailand (BOT) has estimated the economic damage from nationwide flooding at 60 billion baht (US$2 billion), or 0.6 percent of gross domestic product (GDP), Finance Minister Thirachai Phuvanatnaranubala said on Monday.

Mr. Thirachai said the BoT reported its estimate to a meeting of government agencies called to assess the damage to the country's economy.

However, the Office of the National Economic and Social Development Board's (NESDB) estimate was higher, at 80-90 billion baht ($2.9 billion), or about 0.9 percent of GDP.

"These are only initial estimates of the damage, because there is still more to come, but I don't think the damage will be higher than the NESDB's estimate of 80-90 billion baht," the minister said.