Thailand Grapples with Floods and Economic Shifts: Government Response, Community Resilience, and Market Predictions
Thailand Grapples with Floods and Economic Shifts: Government Response, Community Resilience, and Market Predictions
Thai government aids flood victims; economic forecasts show mixed outlook with gains in tourism and petrochemicals.
The Thai government has extended financial compensation to over 3,600 households in Chiang Rai affected by flooding, with the Prime Minister chairing a relief meeting and the Department of Disaster Prevention and Mitigation transferring funds promptly. Meanwhile, Chiang Mai University faced additional flooding due to runoff, and continuous rainfall could lead to more floods in Bangkok and five other provinces until October 2.
Adding to this, the Mae Fah Luang Foundation has been honored with the SX Shaper Award at the Sustainability Expo 2024, recognizing its remarkable efforts in environmental improvement and community sustainability. Chairperson Thanphuying Putrie Viravaidya accepted the award, highlighting the foundation's long-standing commitment to enhancing quality of life through self-reliance since its establishment in 1972.
In another uplifting story, Atthapon 'Benz' Nundee of Khao Kheow Open Zoo has been celebrated as the employee of the month by the Zoological Park Organization of Thailand for September. His creative social media postings transformed a baby hippo named Moo Deng into an international star, even winning an unofficial presidential poll on The Tonight Show in the US.
Moving to economic news, analysts from Pi Securities and Kasikorn Research Center forecast gains for Thai industries such as petrochemicals, tourism, and packaging, thanks to China's new economic stimulus measures. These incentives are anticipated to elevate the Thai Stock Exchange index to 1,500 points, benefiting sectors like tourism and logistics, with recommended stocks including Airports of Thailand, Erawan Group, and Delta Electronics Thailand.
However, not all news is positive; businesses in North and Northeast Thailand are grappling with severe floods that have disrupted operations. Companies like TCP Group, Central Food Retail, and Thai Samsung Electronics are stepping in to assist, while the Thai Retailers Association estimates the damage at over one billion baht and urges the government for relief measures and sustainable water management strategies.
Despite these challenges, domestic consumption in August remained stable, supported by a boost in tourism and exports, though vehicle sales have yet to catch up. Economic indicators show stability with low inflation and steady international reserves, painting a mixed but cautiously optimistic picture of the economic landscape.
Reference: Thai Times:
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