The Asian financial crisis of 1997 made Thailand aware of the vulnerability of its economic foundation and problems it was facing because of the heavy reliance on foreign investment, technology and markets.
After this a lot of attention was given to the study and analysis of the Thai King’s address on Sufficient Economy. The National Economic and Social Development Board thought it would be appropriate to use the royal philosophy of Sufficient Economy as a guideline to determine policy, planning and formulating the implementation plan at all levels.
The idea behind this was to to give correct information and dispense understanding uniformly among all the concerned parties as well as help the Thai people to earn a good living and assist the country in overcoming the economic crisis.
The King of Thailand’s permission was sought for further assistance as his philosophy of Sufficiency Economy has been part of many addresses to the nation over the last few decades.
The philosophy of Sufficiency Economy basically provides a guideline on appropriate conduct covering many different aspects of life. The philosophy primarily points the way forward to recover from financial crises and this way would in turn lead to a more resilient and sustainable economy which would be able to meet the challenges arising from globalization among others.
The philosophy of Sufficiency Economy is not just limited to the country. It goes to the grassroot level where communities, families and each individual has to apply a certain conduct in life and it further advocates balanced development strategy for Thailand so that the country modernizes while still protecting itself from the shocks and jolts it would receive in the process.
Thailand’s economy is resurging and many attribute this success to the philosophy of Sufficiency Economy which required the country to have a balanced approached combined with patience, perseverance, diligence, prudence and honesty.