Key Drivers of Economic Growth in Thailand: Evidence from 2011 to 2022

This study investigates the key drivers of economic growth in Thailand over the period 2011–2022. By employing panel data analysis and relevant macroeconomic indicators, the research aims to identify which factors have played a decisive role in shaping Thailand's economic trajectory during the past decade. The findings reveal that improvements in labor productivity and the expansion of export activities are the most significant contributors to economic growth. In contrast, foreign direct investment (FDI), institutional quality (measured by the Provincial Competitiveness Index—PCI), and research and development (R&D) activities have yet to demonstrate a clear and consistent impact on growth. These results suggest that while Thailand has benefited from globalization and trade integration, its internal capabilities such as innovation systems and institutional efficiency remain underdeveloped. Based on the empirical evidence, the authors recommend a strategic shift toward a more sustainable and productivity-driven growth model. Policy implications include investing more in human capital development, strengthening institutional governance, and promoting R&D capacity to foster long-term economic resilience and competitiveness.