Thailand's worst drought in a decade appears to have ended, but the damage could cast a shadow on the economy for months to come.
"Thailand has turned from the land of smiles to the land of frowns. Indeed, deep frowns that are unlikely to cheer anytime soon," ANZ economists said in a recent note.
The crippling dry weather that first emerged in late 2014 is no longer present in the country's 67 provinces, the deputy head of Thailand's disaster prevention department told Reuters last week. But with more than 40 percent of the country's population engaged in agriculture, the drought has exacerbated troubles in an economy already weighed down by slowing manufacturing, shrinking exports and rising external debt.
That's spurred sharp growth downgrades. Credit Suisse is now expecting 2015 economic growth at 2.5 percent on year, down from 3.1 percent previously, while JP Morgan is pricing in a 2.6 percent rise, down from a June estimate of 3.5 percent.