Kittiratt cries as Hi-Tech floodwall breached Skip to main content

Kittiratt cries as Hi-Tech floodwall breached

Deputy Prime Minister Kittiratt Na-Ranong shed tears as a Japanese investor berated him as floodwaters gradually claimed a major industrial estate in Ayutthaya on Thursday.
Mr Kittiratt, who is also Commerce Minister, was inside the Hi-Tech industrial zone supervising efforts to block the deluge from the flood-swollen Chao Phraya river.
He wept and tried to console a Japanese investor as water continued flowing into the industrial estate after a four-kilometre-long floodwall facing the Chao Phraya river failed.

The deputy premier in charge of economic policy said he had reported to Prime Minister Yingluck Shinawatra that the floodwaters could not be stemmed and would surge over the industrial estate, which houses 143 factories.

Everyone would have to be evacuates from the area, he said.
Deputy Prime Minister and Commerce Minister Kittiratt Na Ranong
Mr Kittaratt said later the severe flooding, which has affected more than two million people in about 30 provinces for over two months, would further cut the  gross domestic product growth projection for this year.

He said GDP growth would likely be reduced further by 0.6 to 0.9 per cent because the damage continues to mount.

The Bank of Thailand initially forecast that the damage would be about 60 billion baht, or 0.6 per cent of this year's GDP. The National Economic and Social Development Board's estimate was about 90 billion baht, or 0.9 per cent of the GDP.

Mr Kittiratt said he will call a meeting of economic-related offices, ministries of industry and labour, the central bank and management of commercial banks to discuss preliminary impact of the floods on the economy next Monday, Oct 17.

The meeting will also discuss measures to help the business sector affected by the ongoing floods.

The University of the Thai Chamber of Commerce said today the consumer confidence index on the overall economy for September was down from 73.8 in August to 72.2, largely because of the  floods.

The confidence index on job opportunity for the month stood at 73.0, while that of future income was 100.3, the university reported.

The plunge in all consumer confidence indices for two straight months was attributed to consumer concerns over the wide-spread floods and the ongoing global economic crisis, it said.

The negative factors affecting consumers' confidence were the floods that have hit many provinces, damaging the agriculture, industry and tourism sectors, concerns about rising living costs caused by increasing costs of  consumer goods and worry over economic crises in the US and Europe, the university added.

The positive factors included the government's implementation of policies to increase people's incomes, the decline in the pump price of fuels, the weakening value of the Thai baht, continuing rising agricultural prices and the further expansion in exports.

http://www.bangkokpost.com/news/local/261167/kittiratt-cries-as-hi-tech-floodwall-breached
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