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Thailand's growth path : from recovery to prosperity

  • Richter, Kaspar
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    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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    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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    1. George Psacharopoulos & Harry Anthony Patrinos, 2004. "Returns to investment in education: a further update," Education Economics, Taylor & Francis Journals, vol. 12(2), pages 111-134.
    2. Kathie Krumm & Homi Kharas, 2004. "East Asia Integrates : A Trade Policy Agenda for Shared Growth," World Bank Publications, The World Bank, number 15038, September.
    3. Dani Rodrik, 2003. "Growth Strategies," NBER Working Papers 10050, National Bureau of Economic Research, Inc.
    4. 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.
    5. 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, September.
    6. Ashvin Ahuja & Thammarak Moenjak, 2002. "Economic Arrangements and Long-Term Growth in Thailand," Working Papers 2002-05, Economic Research Department, Bank of Thailand.
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