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 Economic Impact From Thai Flood Spreads

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weishinia



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Join date : 2010-12-09

PostSubject: Economic Impact From Thai Flood Spreads   Tue Oct 25, 2011 5:03 am

Bangkok's city leaders warned that a widening swath of the Thai capital is now under threat from fast-rising flood waters, while the economic impact of the crisis continued to ripple outward after Toyota Motor Co. said it would adjust production at some of its Japan plants because of the shortage of Thai-made parts.

City Governor Sukhumbhand Paribatra said in televised address late Sunday nightwholesale jerseys from china that large amounts of water were surging toward the Thai capital from the north of the country, potentially swamping six north and northeastern city districts along with the government's own antiflood headquarters at Bangkok's old international airport. Flood waters were already on the rise around the airport, in Don Muang, district on Sunday, where some residents packed up their belongings and walked across a foot bridge to seek shelter at the airport's departure lounges.

On Monday, a much larger area was affected. Mr. Sukhumbhand warned incheap nhl jerseys his broadcast that the flood waters could flow further south to more developed parts of the city, including the famous Chatuchak weekend market—a popular attraction for visitors from around the world.

Prime Minister Yingluck Shinawatra said over the weekend the flood waters could last for a month or more because of the sheer volume of water that still needs to be drained safely through Bangkok into the Gulf of Thailand. Until Friday, Mr. Sukhumbhand—a key member of the nba jerseys cheap opposition Democrat Party—resisted national government efforts to push some of the flood runoff through Bangkok's network of canals in what appeared to be a throwback to fiercely fought national election in July.

At least 356 people have lost their lives in floods here since the end NFL Jerseys Cheap of July. The United Nations reports that at least 794 people across Southeast Asia have died since the onset of ferocious floods across the region.

On Monday, Ms. Yingluck, the 44 year-old-younger sister of ousted leader Thaksin Shinawatra, tried to shake off accusations that her government has tried to play down the threat to Bangkok. She told reporters the country has suffered a series of four large tropical storms. "Normally, if one storm hits, the runoff will be drained from the dams and there will be a break," she said. "We've never hidden anything from the people."

In the meantime, a sense of dread is building in Bangkok as cheap nfl jerseys supermarket and corner shops continue to lack key consumer goods such as bottled water. The economic impact is also looming over the country. Moody's Investors Service Inc. on Monday forecast that the floods, which have inundated an area the size of Connecticut, will likely chop 2 percentage points off Thailand's economic growth rate this year—much in line with government forecasts.

The trouble hasn't stopped in Thailand, either. The computer industry is expecting a slowdown in the global output of hard disk drives because of the floods. Thailand is the world's second largest producer of the devices, and several key plants are submerged or running low on key components. One of Honda Motor Co.'s main plants also is under water.

Toyota, meanwhile, said in Tokyo Monday that it will modify production hours at some of its Japan plants until Oct. 28 because of the impact of the floods on its supply chain of parts manufactured in Thailand. The company said on Friday that it would extend a production halt at its three plants in Thailand until Oct. 28 also because of disruptions to the supply of key components. The Thai crisis has also forced the auto giant to scale back production in Indonesia, Vietnam and the Philippines. Toyota estimates the floods have disrupted the supply of 100 different parts, especially electronic components.
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