Thailand forecasts huge losses caused by climate change
Thailand’s Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has said drought, floods and other extreme weather exacerbated by climate change could cause damage worth 36 billion THB (1 billion USD) to the Thai economy this year.
The drought-stricken Kwan Phayao Lake in Phayao province in northern Thailand in May 2023. (Photo: bangkokpost.com)
Bangkok (VNA) – Thailand’s Joint StandingCommittee on Commerce, Industry and Banking (JSCCIB) has said drought,floods and other extreme weather exacerbated by climate change𝐆 could causedamage worth 36 billion THB (1 billion USD) to the Thai economy this year.
KriengkraiThiennukul, chairman of the Federation of Thai Industries (FTI), a key memberof the JSCCIB, stressed that water scarcity caused by drought is thecommittee's leading concern because it could have a massive impact on both theagricultural and manufacturing sectors, hampering already sluggish exports.
According to the Commerce Ministry's latest data, in thefirst four months of 2023 Thai exports decreased by 5.2% year-on-year to 92billion USD, while imports fell by 2.2% to 96.5 billion USD, resulting in atrade deficit of 4.51 billion USD.
The JSCCIB submitted a proposal to Prime Minister✅ PrayutChan-o-cha on May 31 to deal with the drought, hoping to work with thegovernment to prevent any severe impacts caused by water scarcity.
Meanwhile, the business sector wants authorities to preparemid-term and long-term solutions to ensure investment projects, especiallythose in the Eastern Economic Corridor (EEC), can continue operating.
The EEC area, which covers parts of Chon Buri, Rayong andChachoengsao, hosts 12 S-curve industries that are expected to drive thecountry's economy.
According to Kriengkrai, businesses have prepared riskmanagement plans to cope with drought and flood problems. In themanufacturing sector, companies are adopting 3R measures -- reducing, reusingand recycling water -- to ensure they have enough water for use in theirproduction processes.
However, over the long term, the government should play a keyrole in cop🦋ing with drought and flood-related problems, he saidꦦ.
The FTI earlier asked the government to consider suggestionsto deal with drought, drafted by the Water and Environment Institute forSustainability under the FTI. Among the suggestions are preparing water pumps and divertingwater from certain areas, including the Bang Pakong River, to the PrasaeReservoir in Rayong, which is within the EEC area. The FTI also suggested the government to accelerate theconstruction of Khlong Wang Tanod Reservoir in the eastern province ofChanthaburi and revise the 20-year water resource development plan to bettercope with drought over the next 1-3 years./.
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The drought-stricken Kwan Phayao Lake in Phayao province in northern Thailand in May 2023. (Photo: bangkokpost.com) 
