Economic Growth In Thailand Research Articles

The impact of alcohol consumption on economic growth in Thailand

The nighttime economy has always been an important part of tourism in Thailand. The alcohol industry contends that lifting alcohol restrictions will promote tourism and, consequently, generate additional income. Endogenous Growth Theory, however, emphasizes on investing in human capital, innovation, and knowledge as the most important factors that affect economic growth for a nation. Alcohol consumption incurs opportunity costs, as households lose financial resources and time that could be invested in children’s development. Relaxing control measures to promote alcohol consumption should impede economic development by diminishing the quality of human resources. The paper, therefore, aims to estimate the impact of alcohol consumption on economic growth by using 1990–2019 annual data from Thailand. By adopting Autoregressive Distributed Lag (ARDL) approach, the results reveal that alcohol consumption has significant and negative effects on economic growth in the long run. The statistic tests demonstrate no presence of serial correlation, heteroskedasticity, as well as, endogeneity problems. The finding has been corroborated in international studies, in which alcohol consumption contributes to substantial social and economic costs of the society.

Study of Economic Growth and Tourism Industry in Thailand

The purpose of this paper is to investigate the relationship between Thailand's tourism industry and its economic growth, while also examining the impact of government education spending, unemployment rates, tourism statistics, free visa policies, trade flow, and GDP. Data spanning 25 years (1995-2019) was collected. Results indicate that visa exemption policies play a crucial role in Thailand's economic growth, particularly in the tourism sector. A positive correlation between trade balance and GDP underscores the importance of maintaining favorable trade conditions for economic expansion. In conclusion, this research emphasizes the necessity of a holistic approach to foster both an effective education system and sustained economic growth in Thailand.

Analysis of Key Events to Economic Growth in Thailand's History

In recent decades, Thailand has made a lot of efforts to achieve a rapid economy increase, and completed the transition from agricultural production to industrialization. Thailands economic journey has seen significant reforms, challenges, and changes, closely intertwined with global economic changes and domestic policies. This article examines Thailand's economic trajectory from the 1960s to the present day, focusing on pivotal events such as the economic reforms of the 1960s, the Asian financial crisis in 1997, and the growth of the tourism sector since the 1980s. By examining these key historical moments, it aims to uncover the fundamental principles and trends that have influenced Thailand's economic development trajectory. Through an analysis of their impacts on economic growth, this study identifies lessons gleaned from both successes and setbacks. It highlights the significance of adaptive economic policies, resilience in the face of external shocks, and the role of sectoral diversification in fostering sustainable growth.

Towards long-term relationship of transport investment and economic growth in Thailand: Implications for public policy in post-COVID-19 investment

COVID-19 has presented considerable challenges to fiscal budget allocations in developing countries, significantly affecting decisions regarding number of investments in the transport sector where precise resource allocation is required. Elucidating the long-term relationship between public transport investment and economic growth might enable policymaker to effectively make a decision in regard to those budget allocation. Our paper then utilizes Thailand as a case study to analyze the effects on economic growth in a developing country context. The study employs Cointegration and Vector Error Correction Model (VECM) techniques to account for long-term correlations among explanatory variables during 1991–2019. The statistical findings reveal a significantly positive correlation between transport investment and economic growth by indicating an increase of 0.937 in economic growth for every one-percent increment in transport investment (S.D. = 0.024, p < 0.05). This emphasizes the potential of expanding the transport investment to recover Thailand’s economy. Furthermore, in terms of short-term adjustments, our results indicate that transport investment can significantly mitigate the negative impact of external shocks by 0.98 percent (p < 0.05). These findings assist policymakers in better managing national budget allocations in the post-Covid-19 period, allowing them to estimate the duration of crowding-out effects induced by shocks more effectively.

The Potential Analytical Impact of Significant Sectoral Creative Economy on Thailand’s Economy: A Case Study of the IRS-CGE Model vs. the CRS-CGE Model for Both the National and Provincial Economies

The United Nations has promoted and supported the UNCTAD Creative Economy Programme since 2004 to help countries around the world understand how to promote economic development through creativity in industries. This research article aims to determine whether the creative economy will be the major engine to accelerate Thailand’s economic development in the coming decade or not, and what the major creative economy sectors are that must be prioritized or initiated and focused on. The data implemented in this research cover 2011–2018, which consist of creative economy sector income, the IO table, and the SAM table. The methodology utilized in this research was the ML model, the GREY model for predicting the growth rate of income from the major creative economy sectors contribute to Thailand’s economy between 2019–2025, and the CGE model. The study’s empirical findings show that the significant sectoral creative economy consists of fashion, advertising, Thai food, and cultural tourism, which need to be given more stimulus. Furthermore, the economies of Chiang Mai, and Thailand as a whole, would eventually be high-income economies if creative economy sectors were to be promoted and continuously supported by efficient policies. the economic growth of Thailand and Chiang Mai would eventually become high income whenever these economies allow creative economy sectors to be promoted or supported by efficient policies continuously.

Multiplier transformation of E-commerce to S-commerce in emerging economy

Relevance. Electronic commerce (e-commerce) and social commerce (s-commerce) are transforming business and consumer behaviour in Southeast Asia, propelled by digital advancements and increased internet and smartphone usage. This trend is significantly influencing economic growth and market dynamics in these emerging economies. Research Objective. This study aims to perform a comparative analysis of e-commerce and s-commerce across Southeast Asian countries. Additionally, it seeks to explore the evolution from e-commerce to s-commerce in emerging economies, examining the opportunities and challenges embedded in this transition, and discussing the implications for businesses and consumers alike. Data and Methods. To achieve these objectives, we used a quantitative approach, surveying 872 Thai participants through an online questionnaire using a convenience sampling technique. Additionally, we analyzed the data comparing e-commerce and s-commerce across Southeast Asian countries using the documentary method and content analysis. Results. Consumer spending through e-commerce and s-commerce has a significant positive impact on economic growth in Thailand, surpassing the impact of government spending. Private consumption, a substantial component of Thailand's GDP, stimulates production, investment, and job creation, fostering overall economic advancement. In Southeast Asia, distinct e-commerce trends are evident: Thailand benefits from high internet and smartphone usage, Indonesia from robust social media engagement, and Vietnam from a focus on social commerce and mobile, cross-border e-commerce. These diverse trends underscore the necessity for businesses to tailor their strategies to each country's unique consumer behaviors and preferences. Conclusions. The study confirms the significant impact of electronic consumption through e-commerce and social media on GDP growth. This form of consumption not only drives demand but also creates jobs, enhances efficiency, and opens up opportunities for international trade, fostering sustained economic development. In light of these findings, governments are advised to bolster digital infrastructure and support businesses in their digital transition. Meanwhile, businesses are recommended to adapt to digital models, emphasize consumer engagement, expand globally through online platforms, and integrate sustainable practices. Collectively, these measures are designed to harness the full potential of electronic consumption for sustainable and robust economic growth.

Exploring the Relationship Among Foreign Direct Investment, Technology Transfer and Economic Growth: A Case of the Lower Northern Region in Thailand

Purpose: This article aimed to examine factors determining Foreign Direct Investment (FDI) leading to technology transfer on economic growth in Thailand and to study policies related to foreign investment promotion. Theoretical framework: The target variables were formed to set up a model specification to estimate the relationship between determinants in terms of technology transfer, FDI, and economic growth of Thailand. Design/Methodology/Approach: The research scope covered and explored the relevant dataset of each expected variable from 1995 – 2021 and some target companies enquired in 2021. The secondary data included FDI at regional level, Gross provincial products (GPP), the number of establishment enterprises in the province and others. Findings: The major factors determined FDI included the number of labour, the number of establishments, consumer price index, the value of investment and the number of internet users. These determinants had significant relationship with the GPP. Most entrepreneurs confirmed that technology transfer affected the investment decision. Research, practical & social implications: The researchers indicated that there was significant relationship among the GPP and other independent variables ;for instance, the number of labour, the number of establishments, the FDI, and the number of internet users. The government plans reflected the investment mechanism and extensively stimulated the region’s development. Originality/Value: The value of this research confirmed that technology adopted increased productivity in the production processes. The government created the investment promotion through the infrastructure and facilities which would support the area-based regional development.

Effects of Foreign Direct Investment, Trade Openness, and Human Capital Development on the Economic Growth of Thailand

Since the early 1990s, emerging East Asian countries have increasingly integrated with the global economy. Thailand is regarded as an exemplar of achieving remarkable economic growth owing to the outward-oriented industrialisation strategy. This study examines the effects of Thailand's outward-oriented industrialisation strategy, which comprises foreign direct investment inflows and trade openness on its economic growth. Further, the analysis sheds light on the absorption capacity of the economy by focusing on human capital development in particular. The empirical analysis, which applies the autoregressive distributed lag approach, reveals that, from 2000 to 2017, trade openness and human capital development contributed positively to Thailand's GDP growth in the long run, while FDI inflows contributed negatively.

Empirical study on international tourism and economic growth of Thailand: an ARDL - ECM bounds testing approach

Purpose — To examine the impact of tourism on economic growth in Thailand.Research method — This study was conducted using the Autoregressive Distributed Lag (ARDL) bounds testing approach, performed between 1995 and 2018.Result — The analysis finds out that there is a long-run cointegration in the data. The ECM approach is applied, and the results conclude that the long-run cointegration exists. However, the model depicts that there is not any significant positive relation between FDI and economic growth. The study results showed that the positive impact of tourism in the short term is extremely low, relative to that of the long term. The study results indicate that tourism's optimistic short-term effect is slightly smaller than in the long-term. This can be because certain government restrictions and other exogenous factors hinder the arrival of visitors in Thailand in the short term. Therefore, the government needs to resolve these constraints concerning trade, transportation, taxes, allocation of capital, and environmental risks to attract further tourism visitors and thus improve Thailand's economic growth.

Impact Of Investment In Human Resources Through Increased Investment In Education And Financial Literacy On Economic Growth In Thailand

This study investigates the combined effect of human capital investment through education mechanisms, and financial investment through financial literacy on economic growth in Thailand. During study period is annual at 1995 until 2020. Every data from the world bank. In doing the estimation we do an autoregressive vector estimation. We found that human capital investment and financial capital are equally important. Where the increase in education that creates skilled human beings and has high human capital supported by investment in the real sector and good financial literacy can encourage maximum economic growth in Thailand.

The Role of Human Capital and Technology in Improving Economic Performance in Thailand

The purpose of this study is to look at the relationship between human capital, technology, and economic growth in Thailand. Using vector analysis, we examine the causal connections between technology, human capital, and economic growth. This analysis uses secondary data from the World Bank for a yearly period from 1995 to 2020. We found that technology improves human performance where humans themselves have the human capital to work and maintain their work performance. With the existence of technology, the role of human capital is increasingly increasing. Because human capital is also needed in mastering technology and using technology in helping human work. Technology and human capital are two things that reinforce each other in increasing economic growth.

The Impacts and Determinants of Inward Foreign Direct Investment on Economic Growth in Thailand

The Impacts and Determinants of Inward Foreign Direct Investment on Economic Growth in Thailand

THE ECONOMIC SIGNIFICANCE OF TOURISM IN ASIA

This study aims to observe short and long run association of selected macroeconomic variables and tourism with economic growth. This research particularly emphasizes to perform and analyze triangular Granger relationships between variables and Granger causality test under VECM. Besides tourism variables, the current research also intends to propose a few macroeconomic variables, such as, exports, human capital and physical capital as the control variables, for determining the nature of causality of these variables with economic growth. Although, limited studies are available regarding government tourism expenditure and tourism receipts under neoclassical exports and growth model however, the available empirical findings are mixed and inconclusive. The time series data of 28 years from 1989 to 2017 is used for the analysis purpose. As the economy grows, all the gross domestic product (GDP) components, such as human and physical capital, government spending, and exports also expand. With time, these variables exhibit some upward moving patterns. Tourism receipts are found to have bidirectional causality with economic growth in Thailand in the long run. Granger causality from economic growth to physical capital is also found in the short run, suggesting that Thailand should strive to achieve robust economic growth in the first place in the short run. In general, though the study does not differentiate the value of capital stock between private and public sectors, the study is able to obtain a fairly reliable measure of the trend in fixed investment in Thailand
 

Do Criminality and Socioeconomic Stress Hinder Economic Development of an Emerging Southeast Asian Economy?

The primary objective of this research is to investigate how factors such as criminal activity, social and economic pressures, and economic growth in Thailand interact with one another. In order for the study to be successful, the ARDL methodology was used. In order to conduct its analysis of the data, ARDL IV considered both the near and the far future. The work of a lot of scholars have allowed us to compile this information spanning 37 years, from 1979 to 2015. The findings demonstrated that a significant amount of focus is placed on the roles that crime serves, in particular as a barrier to the progression of economic growth. As a result of economic crime, even more money is lost, and highly skilled people are more inclined to quit their positions, making it an even more problematic situation than the gray market. The previous results imply that there is a positive association between socioeconomic stress and some features that are associated to criminal behavior. The deterrent factors, with the exception of the person's criminal background, all functioned as expected for the other variables. There was evidence to imply that there was an increase in property crime when families were unstable. The dissatisfaction, anger, and stress of the people in Thailand are represented in the socioeconomic elements that prevail in the country, as shown by the association between socioeconomic stress and variables related to crime. People come up with creative solutions to make ends meet when their quality-of-life lowers as a result of the social and economic situations in their environment. The study will help policymakers and practitioners better understand the obstacles faced by socioeconomic restrictions in emerging countries like Thailand
 

THE CAUSAL RELATIONSHIP AMONG CO2 EMISSION, OIL CONSUMPTION AND ECONOMIC GROWTH IN THAILAND: ARDL BOUND TESTING APPROACH

This paper examined the causal relationships among CO2 emission, oil consumption, and economic growth in Thailand. The data used in this study was the yearly data from 1971 to 2014. The ARDL and Granger causality approaches were employed. Overall, the empirical results showed that it had established a long-run relationship among CO2 emission, oil consumption, and economic growth. Moreover, there is a one-way (unidirectional) short-run Granger causality between oil consumption and CO2 emission. In addition, there is a one-way (unidirectional) long-run Granger causality between oil consumption and CO2 emission and a one-way long-run causal route from oil consumption to economic growth and CO2 emission. Finally, the empirical results of this study provided that policymakers need to improve efficiency in oil consumption not to increase CO2 emissions. Furthermore, policymakers should endeavor to overcome the constraints on oil consumption to achieve economic growth.Keywords: oil consumption, CO2 emission, economic growth, ARDL, and Granger causality approachesJEL Classifications: C13, C20DOI: https://doi.org/10.32479/ijeep.11811

Development of ethnic tourism in poverty and drug deduction (the case study of Chiangrai Province, Thailand)

Despite significant economic growth in Thailand, in northern Thailand in particular, a growing number of indigenous communities have been turning to tourism as an alternative to expanding their commercial agriculture. However, in recent years, tourism resources have begun to deteriorate both culturally and environmentally in addition to problem of poverty. Thus, a growing gap between rich and poor, inadequate attention to the special needs of ethnic minorities, gender inequities and lack of access to basic health and education are significant problems. This paper presents the ethnic minorities’ context and their demands on tourism development as well as the key players’ roles and interests effecting on ethnic tourism promotion. The paper concluded with key issues for an achievement of creative ethnic tourism promotion in Chiang Rai Province.

Impacts of the Renewable-Energy Consumptions on Thailand's Economic Development: Evidence from Cointegration Test

Thailand is one of the biggest developing nations of 'Southeast Asia,' economy which use heavy amount of renewable energy. So, this research mainly focuses on the paradigm that examines the effects of renewable energy, and it has combined the nation's economic development predictions. To verify this, time-series data from the year 1990 the up-to-the year 2018 utilized for the examination. The research utilized the (ARDL) Auto-Regressive-Distributive-Lag with Bound test model to confirm the relationship between renewable energy and economic growth in Thailand. Time series data is use in this study so (ADF) Augmented-Dickey-Fuller test apply to check stationary of the variables and further use Granger-causality to check causal association amongst energy and growth. The study's outcomes revealed that the consumption of renewable energy in Thailand combined the nation's economic development predictions up to the range, which is the 1% boost in consumption of renewable energies to increase Thailand's economic development by 0.57 percent. Additionally, a 1 percent boost in capital formation leads towards the rise in economic development by 0.025 percent. However, a 1.70 percent boost in economic development is because of the 1 percent increase in labor efficiency. On the other side, the causality examination showed that the presence of the feedback consequence among consumption of renewable energies also the capital initiate to be bidirectional. Also, their same interpretation was revealed to existed amongst economic development and the capital. The research recommends that there must be some robust measures that help prevent the failure of the renewable energy market internationally between others and domestically.

Tourism and Long-Run Economic Growth in Thailand: From 1960 to 2018

Tourism and Long-Run Economic Growth in Thailand: From 1960 to 2018

Does Oil Price and Trade Openness Nexus along with Foreign Direct Investment have Influence on Economic Growth in Thailand

The objective of this research is to analyze the conceivable cointegration and direction of causality among the oil price, trade openness, foreign direct investment and the growth rate in Thailand, using the time series data from 1974 to 2018. In addition to these variables’ fiscal development and inflation are also employed to observe the influence of financial openness on economic growth. Johansen cointegration test is utilized to detect long-run relationship incorporated with the vector error correction for the short-term association. Further, granger causality is utilized to determine the direction of causality among the contending variables. The outcomes of Johansen and vector error confirms the short and long-term affiliation among variables in Thailand. The coefficient of VECM (Wald test) detect the cumulative influence on the growth rate. The estimations of granger causality affirmed that oil price, inflation, fiscal development via trade, granger cause the growth rate and the fiscal development and foreign direct investment granger causes the growth rate in bi-direction and uni-direction, respectively. The study suggests, based on the impulse response function (under the consideration of the behavior of variables) government should liberalize trade openness as it fortifies the position of Thailand in the neighbored.

The Impact of Inflation, Investment, Population and FDI on Economic Growth through Supply Chain Performance in Pharmaceutical sector of Thailand

Many people worry that population growth will eventually cause an environmental catastrophe. However, the problem is bigger and more complex. The need to include environmental criteria in the analysis of supply chains is increasingly recognized as a result both of limitations that are posed by legislation and regulations as well as of various motivations that a company may have. Extensive literature is available on supply chain performance (SCP). Most of the studies examined the relationship between SCP and firm performance in both developed as well as developing countries. However, researchers did not consider the effect of SCP on economic growth, particularly in Thailand prospective. Therefore, the objective of this study is to examine the role of supply chain performance in the economic growth of Thailand. To address the objective, data are collected through questionnaires send by e-mail. 131 questionnaires are returned from 200 at response rate of 65.5%. Economic growth (EG) is used as dependent variable while SCP is used as mediating variable. Inflation rate (IR) investment growth rate (IGR) population growth rate (PGR) and foreign direct investment (FDI) are used as independent variables. The findings show that SCP mediates the relationship between IR and EG, IGR and EG and PGR and EG. The study suggests that the Thai government must boost supply chain to enhance economic growth.