ABSTRACT
The paper aims to quantitatively demonstrate and investigate the relationship between education spending and GDP to choose the best model for predicting economic growth based on indicators of education spending from 2007 to 2018. It also aims to provide policy recommendations for the government to support more sustainable education. The article uses regression analysis to examine the data by using different models. The empirical result suggests that spending on education is the best predictor of GDP because it has the highest R2 value. The result means that a 1 unit increase in education spending increases GDP by 0.0126. Thus, education expenditure should be considered an essential variable, which means that education has contributed to economic growth in Thailand during the estimation period. The results can provide information on how the formulation and implementation of appropriate educational fiscal policies could help improve the quality of education and thus contribute to Thailand's economic development. In addition, the study can serve as a guide for reforming Thailand's education policies that will lead to improved learning and educational outcomes.
