general election, the pro-Thaksin Pheu Thai Party again won a decisive victory over the Democrat Party, and Thaksin's youngest sister, Yingluck Shinawatra, succeeded Abhisit as prime minister. Elected in July, the Pheu Thai Party-led government began its administration in late-August, and when Yingluck entered office, the 2011 Thailand floods threatened the country—from 25 July 2011 to 16 January 2012, flood waters covered 65 of the country's 76 provinces. The World Bank assessed the total damage in December 2011 and reported a cost of THB1.425 trillion (about US$45.7 billion). The 2011 GDP growth rate fell to 0.1 percent, with a contraction of 8.9 percent (YoY) in Q4 alone. The country's overall competitiveness ranking, according to the IMD World Competitiveness Scoreboard, fell from 27 in 2011 to 30 in 2012. In 2012, Thailand was recovering from the previous year's severe flood. The Yingluck government planned to develop the country's infrastructure, ranging from a long-term water-management system to logistics. The Eurozone crisis reportedly harmed Thailand's economic growth in 2012, directly and indirectly affecting the country's exports. Thailand's GDP grew by 6.5 percent, with a headline inflation rate of 3.02 percent, and a current account surplus of 0.7 percent of the country's GDP. On 23 December 2013, the Thai baht dropped to a three-year low due to the political unrest during the preceding months. According to Bloomberg, the Thai currency lost 4.6 percent over November and December, while the main stock index also dropped (9.1 percent). Following the Thai military coup in May 2014, Agence France Presse (AFP) published an article that claimed that the nation was on the "verge of recession". Published on 17 June 2014, the article's main subject is the departure of nearly 180,000 Cambodians from Thailand due to fears of an immigration "clampdown", but concluded with information on the Thai economy's contraction of 2.1 percent quarter-on-quarter, from January to the end of March 2014. Since the cessation of the curfew that was enacted by the military in May 2014, the Federation of Thai Industries (FTI)'s chairman, Supant Mongkolsuthree, said that he projects growth of 2.5–3 percent for the Thai economy in 2014, as well as a revitalisation of the Thai tourist industry in the second half of 2014. Furthermore, Supant also cited the Board of Investment's future consideration of a backlog of investment projects, estimated at about 700 billion baht, as an economically beneficial process that would occur around October