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Past, Present, and Prospects for Thailand’s Growth: A Labor Market Perspective

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  • Sra Chuenchoksan

    (Bank of Thailand)

  • Don Nakornthab

    (Bank of Thailand)

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    Abstract

    Using growth accounting and econometric estimation methodologies, we investigate Thailand’s growth developments from 1972 to 2007 and project forward Thailand’s supply-side long-term potential growth till 2035. Our analysis is framed in terms of labor productivity and labor market developments. In this respect, the macroeconomic impact of Thailand’s ageing population is also highlighted. Our findings suggest that priority should be given to the resuscitation of capital accumulation or Thailand will fall to a permanent lower growth path.

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    File URL: http://www.bot.or.th/Thai/EconomicConditions/Publication/Discussion_2551/dp062008thai_Sra.pdf
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    Bibliographic Info

    Paper provided by Economic Research Department, Bank of Thailand in its series Working Papers with number 2008-07.

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    Length: 48 pages
    Date of creation: Jul 2008
    Date of revision:
    Handle: RePEc:bth:wpaper:2008-07

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    Related research

    Keywords: productivity growth; growth accounting; demographic changes; Asia; Thailand;

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    1. Douglas Gollin, 2001. "Getting Income Shares Right," Department of Economics Working Papers 2001-11, Department of Economics, Williams College.
    2. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, vol. 110(3), pages 641-80, August.
    3. Ramon Gomez-Salvador & Alberto Musso & Marc Stocker & Jarkko Turunen, 2006. "Labour productivity developments in the euro area," Occasional Paper Series 53, European Central Bank.
    4. Nicholas Oulton & Sylaja Srinivasan, 2005. "Productivity growth in UK industries, 1970-2000: structural change and the role of ICT," Bank of England working papers 259, Bank of England.
    5. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November.
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