Predicting in Economic Growth based on Indicator of Education Expenditure using Historical data in Thailand

บทคัดย่อ

The research article aims (1) To demonstrate the relationship between educational expenditure, HDI, and GDP. (2) To examine the relationship between HDI and economic growth by GDP and the causal direction between them, measuring the Human Development Index (HDI) in terms of quantity. (3) To provide policy recommendations for government to support a more sustainable education. Use quantitative research to examine the relationship between education expenditure and economic growth, employing linear regression analysis. Data Description. The study used time series annual data that spans 2007 to 2018. A total of four variables were used for the study which presents a summary of the descriptive statistics using data averaged over 2007-2018.

The result means (1) To demonstrate the relationship between educational expenditure, HDI, and GDP. that if the educational expenditure increases by 1 unit, it will increase GDP by 0.0126 units. (2) To examine the relationship between HDI and economic growth by GDP and the causal direction between them, measuring the Human Development Index (HDI) in terms of quantity. Thus, education expenditure should be considered as a vital variable, which implies that education contributed to economic growth in Thailand during the estimation period. (3) To provide policy recommendations for government to support a more sustainable education. The results may provide some insights into how the formulation and implementation of appropriate fiscal policies relating to education could help improve the quality of education and thereby contributes to economic development of Thailand. Additionally, the study may serve as a guide in the reform of Thailand’s education policies leading to improved learning and educational outcomes.