The role of social security on economic growth in Thailand

Abstract

Thailand’s economy, domestically and internationally, has become closely integrated with other world markets, which makes it susceptible to trends and shocks that occur globally. The underlying hypothesis states that higher quality of education is vital to maintaining long-term personal and economic sustainability, where government policy for a developing nation should be to continually improve factor endowments. The objectives in this study will focus on understanding the effects of Social Security in Thailand, to create a Morphological Analysis through the use of interviews, and Econometric Formulation as a comparative study of government policies between Singapore and Thailand. Methodology focuses on both qualitative and quantitative analysis. The purpose being to understand the mentality of Thais through interviews and effects of government spending (also viewed as policy) on economic growth. The results of such methods have yielding surprising results that still compliment the hypothesis. Thailand growth has been dependent on government spending, while the same model used on Singapore shows the opposite, where inflation and international trade affects its growth more. The results of the interviews all show a consensus of thought and ideology from 5 different perspectives of Public Law, Political Science (Public Policy), Social Development, Corporate Finance, and Economics, where all agree to an increased, but well defined role and management system, scope and responsibility of the Thailand Social Security Office.