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Macro Signals Declining Effici - Paper

Macro Signals Declining Effici


It may be useful to put the discussion of performance constraints of the Thai economy briefly in perspective. Over the past 2 decades, the Thai economy has been one of the best performing economies in the world, characterized by sustained high growth rates, averaging 10.3% 1985-90, and 8% in the years prior to the crisis (1990-96). This growth was accompanied by a dramatic decline in the incidence of absolute poverty, from 57% in 1962 to 14% in 1992, with per capita income increasing from $700 per annum in the late 1960s, to $2,700 in 1996. At the same time, rapid growth was accompanied by environmental degradation, resource depletion, and an increasingly unequal distribution of income and ...

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relative role of the private sector increased in the economy, the importance of enterprise management and performance correspondingly increased. Looking more deeply at Thailand’s performance, manufactured exports grew by about 23% per year between 1980 and 1995, almost doubling during 1992-1995. However, in 1996 export growth fell practically to 0 per cent, with labor-intensive exports usually identified as the main culprit. Certain factors are generally cited as responsible for this abrupt and dramatic decline:
· External factors cited included the emergence of new competitors, with the coming on stream of new production facilities in lower income/lower wage countries such as China, Indochina, Philippines, further complicated by the30% devaluation of the Chinese yen in 1994;
· Domestic factors cited generally relate to rising wage rates and overvalued exchange rates. Domestic wage rates during 1991-95 rose about 11%, on average or about 5% increase in real wages per year, cited as ...

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Macro Signals Declining Effici. (2008, November 19). Retrieved March 28, 2024, from http://www.essayworld.com/essays/Macro-Signals-Declining-Effici/93321
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PAPER DETAILS
Added: 11/19/2008 05:12:11 AM
Category: Miscellaneous
Type: Premium Paper
Words: 879
Pages: 4

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