In a lifetime of achievements, one of His Majesty King Bhumibol Adulyadej’s most significant is, without a doubt, the development of the Sufficiency Economy philosophy. His Majesty first elaborated his vision to the Thai people in 1974. At that time few people recognised its importance because the country was enjoying robust economic growth and expansion. When the financial bubble burst in 1997, people began to take a second look. Now Sufficiency Economy is given the respect it deserves, not only in Thailand but around the world.
Sufficiency Economy emphasises the Middle Path in daily living for people of all genders, ages and walks of life. It encourages people to reach a state of self-sufficiency and live in harmony with nature. It can be applied at the individual, community and national and international levels. The philosophy holds that each individual should be conscientious in their daily conduct and strive to lead a joyful and moderate life.
At the community level, people should join hands in activities and participate in the decision-making process, promote continuous education and appropriately apply technology in the development of the community. At the national level, holistic development should be promoted to create balance in terms of society, economics and resources. The country’s domestic potential should be analysed to guide the types of goods and services to be promoted.