Thailand is facing it worst floods since 1942. Bangkok's river Chao Phraya continues to swell to a record height as it swamps nearby tourist spots including the Grand Palace. Thousands of Bangkok residents are leaving the Capital. The Bank Of Thailand has lowered economic forecasts as floods increase the odds for rate cuts. The floods are adversely affecting the agricultural and industrial sectors. Exports, consumption and private investments are expected to slow down at least for now. Also Thailand being a manufacturing center for many Manufacturing Giants, the production of such organisations,like Samsung electronics and hard disk manufacturers like Seagate and Western Digital are affected.
Another major setback for Thai Economy is the effect on Tourism Sector.Tourism contributes to 7% of the country's GDP. Due to the floods, millions of tourists are cancelling their plans and the country may miss its target of 19 million tourist arrivals this year.
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