II. 1974-1985, which is the period of macroeconomic uncertainly, hardship and
difficult economic adjustment.
III. 1986-1996, which is the decade of extraordinary high economic growth?
IV. 1997-2000, which is time of economic crisis
V. 2000-2004, which is the period of recovering and challenging
However, the recent work of Warr (2005) proposed in a different period of economic
growth in Thailand. He suggests that economic miracle growth in Thailand might be divided
into 4 sub periods as follows:
I. 1951-1986 (Phase I) Pre-boom
II. 1987-1996 (Phase II) Boom
III. 1997-1998 (Phase III) Crisis
IV. 1999-2003 (Phase IV) Post-Crisis
No matter how economic growth is classified, the substance of economic growth lies
in the sources of growth instead. In general, between 1950 to 2000, the average annual growth
rate of real GDP was 6.6 percent. (see Table2 and Figure 1) However, if we extend the period
of economic growth to 2003, the average annual growth rate reduced to 6.2 percent (see
Table3)