Thailand’s impressive long-term rate of economic growth has resulted mainly from accumulation of physical capital. Significant total factor productivity growth can be identified at an aggregate level, explaining as much as one third of the aggregate growth of output. But this TFP growth was due entirely to resource reallocation from low productivity sectors to higher productivity sectors. TFP at the sectoral level has been important only in agriculture. Poverty has declined remarkably over time despite a long-term increase in income inequality. The short-term rate of decline in poverty incidence has been directly related to the rate of economic growth.
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Paper provided by Australian National University, Economics RSPAS in its series Departmental Working Papers with number
2008-19.
Find related papers by JEL classification: O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General I32 - Health, Education, and Welfare - - Welfare and Poverty - - - Measurement and Analysis of Poverty O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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