Economic Growth Elasticity of Structural Changes: Case of Thailand

durongkaveroj, wannaphong (2014): Economic Growth Elasticity of Structural Changes: Case of Thailand.

Abstract

Thailand's economic base was gradually shifted from agricultural-based to industrial and service country for the last 30 years. The purpose of this study was to investigate the effect of those structural changes on economic performance using Cochrane - Orcutt and Newey-West Model. For the result, an incremental employment in agricultural sector yielded the negative effect on economy. Also, an increase in employment in service sector was better than industrial sector in supporting economic growth. Thus, government of Thailand should no longer support agricultural sector but service-based economy instead.

• Item Type: MPRA Paper
• Language: English
• Keywords: economy, structural changes,economic growth
• Subjects: O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O13 - Agriculture ; Natural Resources ; Energy ; Environment ; Other Primary Products; O - Economic Development, Innovation, Technological Change, and Growth > O1 - Economic Development > O14 - Industrialization ; Manufacturing and Service Industries ; Choice of Technology; P - Economic Systems > P2 - Socialist Systems and Transitional Economies; P - Economic Systems > P2 - Socialist Systems and Transitional Economies > P27 - Performance and Prospects; P - Economic Systems > P5 - Comparative Economic Systems > P51 - Comparative Analysis of Economic Systems

References

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Oscar, T. n.d. Time Setries. Princeton University. Retrieve February 6, 2014, from http://www.princeton.edu/~otorres/TS101.pdf

World Bank. 2013. World Development Indicator. Retrieved February 15, 2014, from http://databank.worldbank.org.