Predicting in Economic Growth based on Indicator of Education Expenditure using historical data in Thailand
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Abstract
The aim of the paper is to choose the best model to predict in economic growth based on indicators of education expenditure over the period 2007-2018. The article uses regression analysis, to study the data, by employing different model. Specifically, the empirical result suggests that the education expenditure is most suitable for predicting GDP because of the highest value of R2. The result means that if the educational expenditure increases by 1 unit, it will increase GDP by 0.0126 units. Thus, education expenditure should be considered as a vital variable, which implies that education contributed to economic growth in Thailand during the estimation period.
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