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Economic development in post-war Thailand

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  • Peter Warr

Abstract

This paper discusses five aspects of Thailand’s economic performance since World War II: the changing rate of growth and its composition; the sources of that growth; the causes and consequences of the Asian Financial Crisis (AFC) of 1997-99, including the reason it originated in Thailand; the distribution among the Thai population of the fruits of long-term growth; and whether Thailand is caught in a middle-income trap. The evidence from Thailand demolishes the notion that economic growth fails to benefit the poor – provided ‘benefit’ is understood in absolute and not relative terms. It is argued that Thailand is now caught in a ‘middle-income trap’ caused by a backward and under-resourced educational system. Exit is possible, but requires a public commitment to overcoming the under-supply of human capital that a market-based economic system inherently produces and to raising the public revenue needed to finance higher levels of educational investment.

Suggested Citation

  • Peter Warr, 2018. "Economic development in post-war Thailand," Departmental Working Papers 2018-16, The Australian National University, Arndt-Corden Department of Economics.
    • Handle: RePEc:pas:papers:2018-16
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    File URL: https://crawford.anu.edu.au/sites/default/files/2025-02/final_2018_-16.pdf
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    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • N95 - Economic History - - Regional and Urban History - - - Asia including Middle East

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