UTCC trims GDP outlook to 1.9%

Major blow to tourism, agriculture

- PHUSADEE ARUNMAS.

The University of the Thai Chamber of Commerce (UTCC) has revised its GDP projection to 1.9% this year from 2%, mainly due to the Hat Yai floods, which are estimated to cause losses of at least 40 billion baht a month.

Thanavath Phonvichai, president of the UTCC, estimated Hat Yai in Songkhla, the largest business and trade centre in the southern region, could face losses of at least 40 billion baht a month, roughly 1-1.5 billion baht daily. The floods are projected to lower GDP by 0.22 percentage points.

He said Songkhla’s GPP is 251 billion baht, while the total GPP of the 10 flood-hit provinces is 1 trillion baht. Songkhla accounts for 60% of these losses, with Hat Yai being the hardest hit.