Abstract
The exploration, consumption and prices of crude oil are very important aspects for the enhancement of the economy of any country. Therefore in order to check the impact of these three aspects of crude oil on economic growth of the country, this study has been conducted by the author. Data collection process has been done in Thailand and 26 years data has been accumulated for analysis purpose. Unit root test, co-integration test and VAR model estimation are the most important tests that have been employed in this particular study. The results of all these tests have been discussed in the study in detail. The impacts of exploration, consumption and prices of crude oil as well as population growth and energy consumption have been found to be significant in regard to economic growth. Various theoretical, practical and policy making benefits of these results have been identified and explored by the author all of which point towards the enhancement of economic growth. In addition, the limitations found in the study along with some recommendations have also been described so that the future researchers may consider them and work on them in order to overcome these limitations.
Highlights
Thailand is the biggest economy of Southeast Asia with the Gross domestic product of USD505 billion, after Indonesia, which GDP is highly dependent on the export that constitute about two third of Thailand’s GDP
All the variables included in the level series have accepted the null hypothesis but the control variable, energy consumption has rejected the null hypothesis
In case of crude oil consumption, it has been found that consumption has significant impact on all the independent and control variables of the study
Summary
Thailand is the biggest economy of Southeast Asia with the Gross domestic product of USD505 billion, after Indonesia, which GDP is highly dependent on the export that constitute about two third of Thailand’s GDP. The crude oil dynamics has very strong implication for the economic growth of the country (Ftiti et al, 2016; Sodeyfi and Katircioglu, 2016). The reason is that country has very strong domestic demand of crude oil consumption because of its high consumption in transportation, power and industrial sector (Oteng-Abayie et al, 2018; Ozturk and Arisoy, 2016). The government of Thailand is giving considerable attention on the exploration of the oil reserves in the country to boost up the economic growth in Thailand. The government struggles for exploration of oil reserves in Thailand is conducted by the both private sector and defense energy department of Thailand. Most of the exploration of reserves are centered towards the Andaman Sea in Thailand (Chaichana and Kaewtathip, 2016; Hogg et al, 2016)
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