Thai economy rebounds strongly from flood crisis

BANGKOK – Thailand's economy posted double-digit growth in the first quarter of 2012, rebounding from the fallout of last year's devastating floods, official data showed Monday.

Gross domestic product (GDP) grew 11 per cent in January-March from the previous quarter, when the economy had contracted 10.8 per cent, according to the National Economic and Social Development Board.

GDP rose 0.3 per cent compared with the same period in 2011.

The months-long floods last year killed hundreds of people and caused widespread damage to Thailand's industrial heartland north of Bangkok.

Investment by companies to get their plants back up and running is now helping to revive the economy, while the agriculture sector posted solid growth and consumer demand also rebounded in the first quarter, the figure showed.

At their height the floods affected 65 of the country's 77 provinces, deluged hundreds of thousands of homes and forced the closure of large industrial parks, disrupting global supply chains. AFP