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Sufficient Economy, a key success for Sustainable Development
Published in The Saudi Gazette on 10 - 06 - 2016

The 2030 Agenda for Sustainable Development calls for a revitalized Global Partnership at all levels with all countries and stakeholders working in solidarity to achieve the Sustainable Development Goals (SDGs), adopted by the United Nations in 2015, aiming to be signposts for connecting and harmonizing the economic, social and environmental aspects of development, so that our growth will not be at the cost of future generations and for their pursuit of sustainable development policies through the year 2030.
As the world is moving toward the adoption of SDGs, Thailand is also moving forward in accordance with its stated vision for 2015-2020: stability, prosperity and sustainability. A once agriculture-based economy and a community-based society, Thailand is now an industrialized country, with highly populated urban areas and Westernized in many respects. However, economic growth has also impacted Thailand's culture, values and ways of life inevitably.
This growth creates progress of material and public utilities, modern communication systems and improvement and expansion of education. However, few of these results have reached rural areas or the underprivileged in society. The rise of "consumerism" has also led to a state of economic dependence and deterioration of natural resources as well as the dissolution of existing kinship and traditional groups to manage them. The traditional knowledge and wisdom that have been employed to solve problems in the past are forgotten and have started to disappear.
However, to tackle these challenging problems, Thailand has developed its own framework for Sustainable Development which is called "Sufficient Economy", the phrase coined by King Bhumibol in 1997 which means a "just-enough economy". The Sufficient Economy Philosophy (SEP) was formalized and came into popular parlance in Thailand after the Asian financial crisis in 1997. Thailand's economic crisis or so-called "Tom Yum Goong Crisis" served as a costly lesson of unbalanced and unstable growth, partly due to the improper economic and social development process in which the economy relied heavily on foreign capital inflows and external markets.
SEP is a method of development based on three pillars: moderation, reasonableness and prudence, along with the conditions of morality and knowledge as guidelines in living. Significantly, there must be intelligence and perseverance which will lead to real happiness in leading one's life. SEP can be applied to all levels – from the individual to the family and to the national sphere. Nonetheless, SEP is not a "ready-made" or a "one-size-fits-all" model. It is also an approach that can be applied to different circumstances of each country for common benefits.
Without emphasizing underproduction or thrifty consumption, SEP stresses that whatever we do in our lives, it must be based on knowledge, understanding and reason. It must be proportionate in our needs and our circumstances which vary from one person to another. Whatever we do, we must do it with mindfulness and moral values. While we gain, we must not harm others or the society or the environment. The Thai King called this "sufficient economy" a careful balance between "enough" and "wasteful excess".
His Majesty has said that people are the main driving force for development. We must empower them at both the individual and family levels. Once the members of the society become strong, then our community will be strong. Thailand has faced many crises in the past, including the 1997 economic crisis, the 2004 tsunami and the 2007 global financial crisis, but we were able to recover and emerge from those crises speedily.
In May 2006, the first UNDP Human Development Lifetime Achievement Award was presented to the King in Thailand by UN Secretary-General Kofi Annan to mark the 60th anniversary of the King's accession to the throne, and honored his Sufficient Economy Philosophy and his promotion of sustainable production and consumption.
As a member of the United Nations since 1946 and a founding member of the Association of Southeast Asian Nations (ASEAN) in 1967, Thailand will continue to share its constructive role and outstanding examples of successful application of sustainable development based on the Sufficient Economy Philosophy of H.M. the King.
Today, as Chair of the Group of 77 (G-77) in 2016, Thailand has announced the theme "From Vision to Action: Inclusive Partnership for Sustainable Development" to be used as an underpinning principle during its chairmanship. SEP is also highlighted as an approach of a universal framework to implementing SDGs in various areas of development - from agriculture to business to society, etc.
The seventieth anniversary of His Majesty's accession to the throne was celebrated on 9 June 2016, and on this occasion the Royal Thai Embassy in Riyadh joins hands with the Royal Thai Consulate-General in Jeddah, as well as the Thai community in Saudi Arabia, to cherish H.M. the King for his philosophy that has inspired individuals, communities, business and governments with decision-making principles to apply toward sustainability.
Thailand also looks forward to building a partnership with the international community through the dialogue of sustainable development in the hope of creating true progress for mankind.
— Danai Menabodhi is the Chargé d'Affaires of the Royal Thai Embassy in Riyadh


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