Poverty Reduction through Long-term Growth: The Thai Experience
Thailand's impressive long-term rate of economic growth has resulted mainly from accumulation of physical capital. Total factor productivity (TFP) growth at the economy-wide level explains about one-third of the aggregate growth of output. However, this TFP growth was due entirely to resource reallocation from low-productivity sectors, especially agriculture, to higher-productivity industry and services sectors. TFP growth at the sectoral level has been important only in agriculture. Poverty has declined remarkably over time despite a steady increase in income inequality. The rate of decline in poverty incidence has been directly related to the rate of economic growth. (c) 2009 The Earth Institute at Columbia University and the Massachusetts Institute of Technology.
Volume (Year): 8 (2009)
Issue (Month): 2 (June)
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