The Federation of Thai Industries expects the economic damage to be as high as Bt1.124 trillion, against government units' estimates of between Bt200-Bt300 billion.
At Bt1.124 trillion, that accounts for 10.50 per cent of the country's gross domestic product (GDP).
Tanit Sorat, vice chairman of FTI, said that as the automotive industry was hard hit, output could be cut by 300,000 units. Due to severe damage to the automotive and electronics industries, Thailand's export figure in October grew only 0.3 per cent, the lowest in two years. The FTI is of the view that the fourth-quarter export would contract 10 per cent due to the floods.
The National Economic and Social Development Board (NESDB) earlier this week estimated the damage at Bt248 billion, accounting for 2.32 per cent of the country's GDP.