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

Author

Listed:
  • Sra Chuenchoksan

    (Bank of Thailand)

  • Don Nakornthab

    (Bank of Thailand)

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.

Suggested Citation

  • Sra Chuenchoksan & Don Nakornthab, 2008. "Past, Present, and Prospects for Thailand’s Growth: A Labor Market Perspective," Working Papers 2008-07, Monetary Policy Group, Bank of Thailand.
  • Handle: RePEc:bth:wpaper:2008-07
    as

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    File URL: http://www.bot.or.th/Thai/EconomicConditions/Publication/Discussion_2551/dp062008thai_Sra.pdf
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    References listed on IDEAS

    as
    1. Ramon Gomez-Salvador & Alberto Musso & Marc Stocker & Jarkko Turunen, 2006. "Labour productivity developments in the euro area," Occasional Paper Series 53, European Central Bank.
    2. Douglas Gollin, 2002. "Getting Income Shares Right," Journal of Political Economy, University of Chicago Press, vol. 110(2), pages 458-474, April.
    3. Alwyn Young, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, Oxford University Press, vol. 110(3), pages 641-680.
    4. Paul Gomme & Peter Rupert, 2004. "Measuring labor’s share of income," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Nov.
    5. 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.
    6. Nazrul Islam, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, Oxford University Press, vol. 110(4), pages 1127-1170.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Ho, Sin-Yu, 2018. "Analysing the Sources of Growth in an Emerging Market Economy: The Thailand Experience," MPRA Paper 86337, University Library of Munich, Germany.

    More about this item

    Keywords

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

    JEL classification:

    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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