The Impact of Change in Labor Force Structure on Economic Growth —- In Case of Thailand

Authors

อ.ดร.Zhongwu Li

Published

UTCC International Journal of Business and Economics (UTCC IJBE)

Abstract

The study tries to explore the economic impact of the changing labor force structure in Thailand from several dimensions. As labor force structure can be broken down into several categories, for example, age, agender, workforce available, education levels, so, this paper will dig into the depth about the economic impact from the perspectives on labor force, based on some main categories in Thailand so as to find the suitable policies what would be recommended to Thai Government. The current research foundthat given the technology levels, Thailand has been changing from labor intensive industries to capital intensive industries, as the result, the educational level of total labor force positively affect the economic growth in Thailand, and the inverse elasticity of substitution rate between the change rate of total labor force and those labor force available but not looking for jobs can either positively or negatively affect the economic growth in Thailand significantly, also, the combination of coefficients of capital and labor implies that there is an increasing economic return to scale in Thailand, therefore, the Thai government does not only attract more foreign direct investment, but also need to transform the labor available but not looking jobs to be in labor force, extend the working life span for suitable older persons and increase the educational levels simultaneously

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