Thought for the day

Long-run GDP Growth in Thailand has Been Very Poor, Significantly Underperforming Benchmarks


 
Last updated: 3 July 2024
 
Thailand’s economy has been held back by poor governance and unfavourable demographics.

Thailand's GDP Growth
Index: 1995=100
Long-run GDP Growth in Thailand has Been Very Poor, Significantly Underperforming Benchmarks
* GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.


Real GDP in Thailand since 1996 has nearly doubled rising by 94% which is vastly inferior to the economic performance in the Asia-Pacific region where it increased by 260% and in Emerging Markets where GDP rose by 247%. Over the last ten years, the cumulative average annual growth rate of real GDP was 2.3%, closer to a developed economy, while over the last five years the average annual growth rate was a disappointing 1.1%.

Thailand’s economy has been held back by corruption and generally poor governance with the World Economics Governance Factors Index standing at 30.9, higher than authoritarian Vietnam at 20.3, but lower than Indonesia at 44.8. Furthermore, Thailand does not benefit from a demographic dividend, unlike many other countries in the Region. The proportion of young people under the age of 15 is relatively low at 23.5% compared to the regional average of 37.3%, while the proportion of old people over 64 at 18.4% is nearly double the Regional median rate of 9.7%. At 40.1 years, the median age of the population is high.  See more data...



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