Major Suggestions

A. My result carry important implications for Thailand country who are involved about the information related to the sources of economic growth that affecting the gross domestic product (GDP) in Thailand.

Overall, the result suggest that all sources of economic growth are significant in explaining variations in gross domestic product (GDP) in Thailand.

B. The government agencies could take these results into consideration for decision making and use various instruments to control some of the sources of economic growth to obtain larger outcome in gross domestic product (GDP) in Thailand.

C. Foreign direct investment is an importance element of Thailand’s economic development, and the country is one of the major FDI destinations in its region. According to the UNCTAD World Investment Report 2019, in 2018 FDI flows continued their recovery from a year earlier after consecutive years of decline between 2014 - 2016, rising to USD 10.49 billion, against USD 6.48 billion in 2017. This recovery is due to increased investment from Japan, Hong Kong and Mauritius. The new investment strategy should focus on expansion investment by set target in order to build up investor confidence, maintain economic momentum, distribute economic activities, and, ultimately, ensure sufficient investment expansion to achieve the long-term economic growth. For achieving these targets, the emphases shall be placed on:

(1) encouraging entrepreneurs to increase their production capacity in

Thailand and motivating affected foreign investors to relocate their production bases to Thailand; (2) driving infrastructure projects in transportation action plan to continually enter construction phase; (3) developing targeted special economic areas including Eastern Economic Corridor (EEC) and Special Economic Zones (SEZ), coupled with conducting measures to promote investment in those strategic development areas; and (4) progressing key transportation and logistics infrastructure projects as well as developing key urban and economic areas at regional and provincial levels in order to bolster economic expansions and to distribute economic activities.

D. Fostering export sector by focusing on (1) supporting export products that would benefit from the trade protection measures and assisting affected exporters as well as monitoring changes in key import products subjected to the tariffs imposed by the US and China; (2) operating foreign trade policies to abide closely by the world trade rules and key trading partners’ regulations; (3) negotiating new trade agreement, especially with the regional countries, and (4) promoting hedging strategy among exporters as to reduce risks from exchange rate volatility together with reducing cost and facilitating the exporting process.

E. For develop in industry sector, policy should be on (1) Develop New Industries that Create Values & Respond to Global Trends including develop targeted clusters, develop technological infrastructure (labs, testing centers & central testing stations), Promote R&D activities; (2)

Promote SMEs/OTOP; and (3) Improve Investment, Manufacturing and Export Bases of Current Industries.

F. Supporting agriculture sector, the emphases shall be on (1) promoting the effectiveness of sustainable agriculture by give knowledge toward being Smart Farmers; (2) enhancing the Management Efficiency of Agricultural Commodities along their Supply Chains, guiding as promoting the production of agricultural products that meet the market standard and border trades, special economic zones and international cooperation; (3) increasing the Competitiveness of the Agricultural Sector with Technology and Innovations, which are promote and support agricultural research, technology and innovations and develop system of agricultural information technology.; (4) balanced and sustainable management of agricultural resources and the environment by manage water resource and agricultural land.

G. The number of tourists visiting Thailand increased from 35.35 million in 2017 to 38.28 million in 2018. Tourism plays ever more important role in Thailand economy. The National Economic and Social Development Council (NESDC) stated begin February 2019 that Tourism accounted for 18.4% of the GDP of Thailand. It has risen from a level in 14.2% of GDP just four years earlier. As you can see above, the number of arrivals is mostly important to help increase the value of service sector. Thailand should have new strategy increasing in service sector by promoting a recovery of tourism by restoring tourists’

perception on safety standard, accommodating tourists activities and

reducing congestion in major tourist destination, promoting tourism packages targeted at high-income and long-distance tourists, improving distribution of tourism revenue to secondary cities and local communities, as well as connecting with other key destinations in the region and campaigning Thais to travel within the country.

H. Preparing labor force both in terms of quantity and quality of labor to facilitate an expansion of economic and investment activities covering high- and semi-skilled labors as well as expatriate workers, the measures should aim at: (1) training fresh graduates who started entering into the labor market, support learning of foreign languages and international cultures, and creation of international work of art and culture; (2) developing skillsets for adaptation to disruptive technology;

(3) promoting the use of electronic media in job search; (4) integrating job market platform where job seekers, academic institutes, and employers are met in order to facilitate and minimize transaction costs of job seeking; and (5) developing specialized labor training institutes preparing for future industries and encourage civil organizations, private sector, local administrative bodies, and the general public to participate in providing quality and accessible education and conducting education and learning reform.

I. Policy recommendation for technology change should aim at:

(1) balancing social, environmental and economic objective, should be designed to counteract current trends of increasing concentration of economic activity and power in larger firms and in Bangkok;

(2) Improving resource management, Thailand should aim at increasing investments in R&D and innovation, particularly private sector investments; (3) linking innovation actors, university and institutions should be collaborate with industry, provide services and transfer technology; (4) expanding international connections, Thailand should be collaborated actively with foreign sources of knowledge and financed the training abroad of future public admiration officials and researchers, which have enabled greater learning opportunities, access to international networks of knowledge and the building of domestic capabilities.

III. Limitations of the study

In regards of this study, the major limitations are:

A. Many of the limitations in obtaining the data were due to an absences of updated digitized information systems in Thailand. Additionally, some of the data collected correspond to independent national and international organizations such as the World Bank and World Economic Forum.

B. The source that scope limitations as well as data constraints forced the authors to only consider a limited set of sources of economic growth variables. Hence, exploring the impact of additional explanatory variables such as inflation or foreign exchange rates could be a helpful for further research.

IV. Further Study

A. The results of the study were based on data from a single country; hence another suggestion for further study could be to conduct from many countries in ASEAN so that the result become more generalizable.

B. A secondly suggestion for further could be to conduct data since Thailand has joined in AEC group a comparable after Thailand joined AEC group would be helpful and can help to consider the future policy or some decision making.

C. Impact of coronavirus outbreak will link into condition, particularly in the onerous of tourism and supply chain industries could be to consider the future policy or some decision making.

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