The impressive high economic growth between 1960
and 1980 at an average 6 per cent per annum was, of course, not unintentional. However,
due to poor agricultural performance and the oil price increases, the GDP growth rate in
Thailand dropped enormously from 9.4 per cent in 1973 to 5.4 per cent in 1974. Moreover,
facing a second oil price shock in 19794
combined with a weak agricultural performance, the
Thai economy slowed down significantly.
The impressive high economic growth between 1960and 1980 at an average 6 per cent per annum was, of course, not unintentional. However,due to poor agricultural performance and the oil price increases, the GDP growth rate inThailand dropped enormously from 9.4 per cent in 1973 to 5.4 per cent in 1974. Moreover,facing a second oil price shock in 19794 combined with a weak agricultural performance, theThai economy slowed down significantly.
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