The Sufficiency Economy Philosophy is simple at its core but must be dissected. According to King Bhumibol Adulyadej of Thailand, we have to ensure that we interpret “philosophy” as truth and knowledge. “Sufficiency” is not self-sufficiency, but rather means prudence and a middle way of living, doing business and managing oneself. As for “...
Agriculture has a special place in the history of sustainability in Thailand. It was in this field that King Bhumibol Adulyadej first assembled the ideas behind sufficiency economy. From early in his reign, the king began to experiment with agricultural projects on the grounds of the Chitlada Palace in Bangkok. These included dairy schemes,...
In the face of weakening global demand, a slowdown in China and falling export revenues, Thailand’s government is looking to improve its export competitiveness and further diversification, in addition to propping up its economy through promotion of domestic tourism and providing support for the agriculture sector. As part of its multi-pronged...
The services sector in Thailand has mushroomed in recent years, with tourism and hospitality, retail and finance all seeing major expansion. The first of these, tourism, is responsible for some 10% of the country’s GDP, with 29.88m tourists visiting the country in 2015. This provided the government with some BT2.21trn ($66.5bn) in revenue in...
An ambitious and far-reaching government stimulus package announced in late 2015 is targeting a return to the robust economic growth seen in the years following the Asian financial crisis. The government is encouraging lending across a host of segments and demographics, including small businesses and startups, an agricultural industry beset by...
The Thai government is implementing sweeping changes to its labour laws, with the minimum wage to change from a national rate to one dependent on the area, cost of living and localised economy. However, no provincial wages will be set lower than the current national minimum, and Thailand is currently recording some of the fastest wage growth...
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