Abstract
The prime objective of the study can be looked at from the theoretical and practical perspectives thereby predicated on the researcher’s strong will to contribute to the body of knowledge by analyzing the economic impact of government spending on agriculture, unemployment rate, and crude oil price in the context of agriculture sector of non-oil for economic growth. Moreover, with the aims to bridge the literature gap in the knowledge of macroeconomic factors on the agriculture in Thailand; since the non-oil export has the potential of growth in terms of sales, profitability, rate of earnings and productivity if the factors militating against the non-oil exports are addressed. The ARDL method is employed to answer the research questions. The findings of the study ha highlight the fact that the this is not only to increase the agricultural sector’s contribution to GDP but can also help to cushion the effect of price shocks in the international oil (crude oil) market and promote non-oil export. In addition, to improve the outlook of other non-oil sectors such as the manufacturing sector where agricultural outputs are being required. Thus, important macroeconomic factors like the interest rate, agricultural land, unemployment rate, agricultural export, crude oil price, inflation rate, government spending, openness and exchange rate will be considered in the study.
Highlights
Economic growth is a worldwide concern of countries that can be mirrored in country’s Gross Domestic Product (GDP)
Evidences by most economists based on the 1970s and 1980s experiences assumed that good macroeconomic policies are essential and adequate for the achievement of sustainable growth in the long run
Since all the policies are interdependent, macroeconomic policies can be defined as policy mix
Summary
Economic growth is a worldwide concern of countries that can be mirrored in country’s Gross Domestic Product (GDP). Making investigation on macroeconomic factors crucial for future performance of the economic growth of nations and agricultural sector This is to increase the agricultural sector’s contribution to GDP but can help to cushion the effect of price shocks in the international oil (crude oil) market and promote non-oil export. Important macroeconomic factors like the interest rate, agricultural land, unemployment rate, agricultural export, crude oil price, inflation rate, government spending, openness and exchange rate will be considered in the study. Sindhu et al (2018) concluded that stabilization economic policies that will boost export promotion and productivity should be sustained and implemented; in wise of government policies stimulating agricultural productivity being examined This will be of important for policy making in developing countries of the world especially Thailand for the design of macroeconomic policies in order to promote export through the aid of the agriculture sector; whereas leading towards improvement in economic growth. It was observed that both economic and political strategies are required for managing oil windfalls
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