Thailand's growth path : from recovery to prosperity
AbstractThailand is one of the most successful developing countries. After decades of rapid growth, the economy rebounded quickly from the 1997-98 Asian crisis and is set to continue its expansion into the future. Nevertheless, there are doubts about the resilience of the Thai economy. The country appears to be on a lower growth projectory now than before the crisis. What growth can Thailand realistically expect? And what can the government do to sustain such growth into the future? Using a new methodology for identifying binding constraints to growth (Rodrik 2004 and Hausmann and others 2005), the author argues that Thailand's challenge is to maintain growth levels of 4 to 5 percent over the medium term. To achieve this goal, Thailand needs to continue its efforts of improving business infrastructure, trade integration, and skills, as well as intensifying its governance reforms.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 3912.
Date of creation: 01 May 2006
Date of revision:
Economic Theory&Research; Economic Growth; Achieving Shared Growth; Investment and Investment Climate; Inequality;
This paper has been announced in the following NEP Reports:
- NEP-ALL-2006-05-13 (All new papers)
- NEP-DEV-2006-05-13 (Development)
- NEP-MAC-2006-05-13 (Macroeconomics)
- NEP-SEA-2006-05-13 (South East Asia)
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