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Economic Growth Elasticity of Structural Changes: Case of Thailand

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  • durongkaveroj, wannaphong

Abstract

Thailand's economic base was gradually shifted from agricultural-based to industrial and service country for the last 30 years. The purpose of this study was to investigate the effect of those structural changes on economic performance using Cochrane - Orcutt and Newey-West Model. For the result, an incremental employment in agricultural sector yielded the negative effect on economy. Also, an increase in employment in service sector was better than industrial sector in supporting economic growth. Thus, government of Thailand should no longer support agricultural sector but service-based economy instead.

Suggested Citation

  • durongkaveroj, wannaphong, 2014. "Economic Growth Elasticity of Structural Changes: Case of Thailand," MPRA Paper 53826, University Library of Munich, Germany, revised 18 Feb 2014.
  • Handle: RePEc:pra:mprapa:53826
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    File URL: https://mpra.ub.uni-muenchen.de/53826/1/MPRA_paper_53826.pdf
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    More about this item

    Keywords

    economy; structural changes; economic growth;

    JEL classification:

    • O13 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Agriculture; Natural Resources; Environment; Other Primary Products
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • P2 - Economic Systems - - Socialist Systems and Transition Economies
    • P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects
    • P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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