Thailand's sufficiency economy and Agenda 2030

Economic development based on moderation and sustainability could alleviate some of the discontent brewing in the world, Thailand’s most prominent international trade expert said.

“Nationalistic trends are increasing and have been exacerbated around the world,” said Supachai Panitchpakdi, who was formerly Director General of the World Trade Organization, Secretary General of the UN Conference on Trade and Development and a Thai deputy prime minister. “But there is positive lining to some of these difficulties – if they lead to an effort to find a new moral compass.”

One such guide could be Thailand’s Sufficiency Economy concept – the subject of a Friends of Europe Policymakers’ Lunch on 8 December 2016. The Sufficiency Economy emphasises moderation and development from within, and applies to a range of fields, including finance and trade. But its most notable successes have been in rural development, where it encourages a focus on small-scale agriculture, appropriate farming technologies and sustainable use of water.

The ideas behind the Sufficiency Economy are strongly linked to the late King Bhumibol Adulyadej, who died in October 2016. They were then developed by actors in Thai society, ranging from academics to businesses and government agencies. Fundamental to the Sufficiency Economy is a measured economic development that improves the welfare of the majority of the population.

“One of the King’s enduring legacies will be the concept of the Sufficiency Economy,” said moderator Shada Islam, Director for Europe and Geopolitics at Friends of Europe. “We have to change the way we live and consume.”