“Sufficiency Economy” is a philosophy that His Majesty the king has expressed in his speech as a guideline for the Thai people to lead their lives for more than 30 years before the economic crisis by suggesting the use of “Middle Path” in leading one’s life. Even after that, His Majesty has emphasized a way to get through the crisis in order to maintain a stable and sustainable existence under the currents of globalization and changes.
“Sufficiency Economy” is a philosophy that stresses the middle path as the overriding principle for appropriate conduct and way of life of the entire populace. It applies to conduct and way of life at individual, family, and community levels. At the national level, the philosophy is consistent with a balanced development strategy and excesses that may arise as a result of globalization. “Sufficiency” means moderation and due consideration in all modes of conduct, and incorporates the need for sufficient protection from internal and external shocks. To achieve this, the prudent application of knowledge is essential. In particular, great care is needed in the application of theories and technical know-how and in planning and implementation. At the same time, it is essential to strengthen the moral fibre of the nation so that everyone, particularly public officials, academics, business people, and financiers adhere first and foremost to the principles of honesty and integrity. A balanced approach combining patience, perseverance, diligence, wisdom, and prudence is indispensable to cope appropriately with critical challenges arising from extensive and rapid socio-economic, environmental, and cultural change occurring as a result of globalization.