27 October 2011 10:58 [Source: ICIS news]
SINGAPORE (ICIS)--Bangkok entered a critical phase on Thursday as rising flood waters threatened to break though protective dikes protecting the Thai capital and spill into many areas of the city, including its central business district, according to media reports.
The river, which winds at least 12 metres (m) through the city, has risen to 2.5m (8.2 feet) on Thursday, with water levels are expected to reach 2.6m by 28 October,
Water embankments protecting the capital average around 2.5m, according to a daily note from DBS Vickers Securities.
“The floods are expected to peak over this coming weekend as massive flood waters from the central region will reach Bangkok, worsened by tides from the Gulf of Thailand reaching their peaks in the same period,” the brokerage firm said.
The country is facing its worst flooding in 50 years, with at least 373 people killed and more than 9.5m people affected across the country since heavier than usual monsoon rains began lashing the country since mid-July, according to
An evacuation order has already been issued on the Sai Mai district in the eastern part of
However, the country’s banks and the stock market will continue operating normally through 31 October, according to the Bank of Thailand.
“Currently, more than 700,000 people have left
The floods, which are currently affecting a third of all provinces in the country, have caused the seven industrial hubs in
The automotive industry has been the worst hit so far, with production and sales to decline in the fourth quarter of this year, DBS Vickers Securities said.
“We estimate the flooding would reduce
The country’s central bank has lowered its economic growth forecast to around 3% this year, versus an estimate of 4.1% made previously.
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