Thailand's impressive long-term rate of economic growth has resulted mainly from accumulation of physical capital. Total factor productivity (TFP) growth at the economy-wide level explains about one-third of the aggregate growth of output. However, this TFP growth was due entirely to resource reallocation from lowproductivity sectors, especially agriculture, to higher-productivity industry and services sectors. TFP growth at the sectoral level has been important only in agriculture. Poverty has...[Show more]
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