Thailand's Economic Development and Growth Research Paper

Thailands Economic Development and Growth - Research Paper ExampleThe search strategy is mainly deductive in nature. The findings from this paper suggest that Thailand has experienced a steady passel in the GDP over the years. There has been positive impact of this offshoot on the social particularors like, direct of literacy, conditions of Health and finally, the impact on mendicancy of the nation. This work has identified cardinal areas of shortcomings for Thailand to improve it has to focus on the quality of secondary education and reduce the inequality of income between the rich and the poor. Thailand has been a success news report and the policies fol minusculeed by it have been taken as a lesson for other developing economies to follow. Thailands incredible growth has put it in the league of the other Asian tigers. This work has found out that the regional pockets of poverty in Thailand needs serious attention from the Government. The government must follow inclusive gr owth policies to allow the poorest of the poor into the formal structure of the labor market in order to reduce the income inequality. Introduction The economic progress witnessed by Thailand is perhaps one of the most relateing economic development literatures that continue to interest economists all over the world. Such in fact has been the pace of growth of Thailands economy, that in a recent study by the World Bank, Thailand has been upgraded to the status of a high middle-income economy from a low middle-income one in 2011 (The World Bank, 2013). So, the pertinent question revolves around the wide economic changes during the period of 1980s to 2000 that had led the economy to achieve the status that it had achieved today. It was observed that during the specified time period, Thailand had experienced an increasing twist of capital inflows by opening up its economy and integrating it with the world economy (Beja, Junvith and Ragusett, n.d.). About two decades ago, Thailand e xperienced a growth that had become exemplary worldwide and since then, its success story acts as a benchmark for the other economies to follow. However, right at the end of the millennium, the noteworthy rise came to a grinding catch due to the unfavorable conditions of the world economy, better known as the Asian crisis. This paper aims to understand the factors which were trustworthy for such high rates of growth in Thailand. For the research purpose, the period from 1980s to 2000 has been considered. The main target area is to evaluate the growth of the economy along with studying the growth of population, in this period. Then, the impact of growth on the level of literacy and conditions of health will be analyzed in details. An inductive methodology is used for the purpose. establish on the findings, the results are drawn accordingly. The paper mainly tries to understand the reasons behind the economic growth admitting the fact that there was indeed a huge growth (Chuenchoks an and Nakornthab, 2008). The most astonishing aspect, inspite of the definite income growth, is the spectacular levels of income inequality.