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Thailand's growth path : from recovery to prosperity

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  • Richter, Kaspar
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    Abstract

    Thailand 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 Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3912.

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    Date of creation: 01 May 2006
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    Handle: RePEc:wbk:wbrwps:3912

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    Keywords: Economic Theory&Research; Economic Growth; Achieving Shared Growth; Investment and Investment Climate; Inequality;

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    1. Dani Rodrick, 2003. "Growth Strategies," Economics working papers 2003-17, Department of Economics, Johannes Kepler University Linz, Austria.
    2. Kobsak Pootrakool & Chayawadee Chai-anant & Suchada Dedtrakool & Bannaree Pannarath, 2003. "Can We Count on Intra-regional Trade as a Source of Growth?," Working Papers 2003-03, Economic Research Department, Bank of Thailand.
    3. Ashvin Ahuja & Thammarak Moenjak, 2002. "Economic Arrangements and Long-Term Growth in Thailand," Working Papers 2002-05, Economic Research Department, Bank of Thailand.
    4. Asian Development Bank & World Bank & Japan Bank for International Cooperation, 2005. "Connecting East Asia : A New Framework for Infrastructure," World Bank Publications, The World Bank, number 7267, January.
    5. Psacharopoulos, George & Patrinos, Harry Anthony, 2002. "Returns to investment in education : a further update," Policy Research Working Paper Series 2881, The World Bank.
    6. Kathie Krumm & Homi Kharas, 2004. "East Asia Integrates : A Trade Policy Agenda for Shared Growth," World Bank Publications, The World Bank, number 15038, January.
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    Cited by:
    1. David Moore & Athanasios Vamvakidis, 2008. "Economic Growth in Croatia: Potential and Constraints," Financial Theory and Practice, Institute of Public Finance, vol. 32(1), pages 1-28.
    2. World Bank, 2008. "Thailand Social Monitor on Youth : Development and the Next Generation," World Bank Other Operational Studies 8036, The World Bank.
    3. Mehta, Aashish & Mohr, Belinda Acuña, 2012. "Economic Liberalization and Rising College Premiums in Mexico: A Reinterpretation," World Development, Elsevier, vol. 40(9), pages 1908-1920.
    4. Steven Lim & Michael P. Cameron & Krailert Taweekul & John Askwith, 2007. "Harnessing the Private Sector for Rural Development, Poverty Alleviation and HIV/AIDS Prevention," Working Papers in Economics 07/01, University of Waikato, Department of Economics.

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