Sufficiency Economy Philosophy Towards Poverty Eradication in Thailand

Abstract

As of 2015, about 736 million people around the world still lived on poverty. Many of them lack of food, clean drinking water and sanitation. Due to economies shrink around the world and the coronavirus pandemic, millions of Thai people have been left in poverty. The purpose of this article is to examine the causes of increasing global poverty and the rising poverty in Thailand, to study the SDGs Goal 1 and its targets in eradicating poverty around the world, to explore the principles of Sufficiency Economy for poverty eradication and sustainable development in Thailand. Documentary study and literature review were used for data collection. The problems of economy shrink caused interruption in household incomes and consumption growth, and the coronavirus spread made unemployment rate and household debt rise which exacerbated the poverty situation. Results showed that Sufficiency Economy Philosophy (SEP) is an approach for sustainable development which espouses moderation, reasonableness and prudence as development framework based on knowledge and virtue. SEP principles are aligned with the principles and objectives of SDGs, seeking to eradicate poverty and reduce inequality as a means to achieve sustainable development. Applications of Sufficiency Economy Philosophy have proved for poverty eradication and food security which is able to lead to sustainable economic growth and sustainable consumption and production. The philosophy greatly attaches to human development at all levels and emphasizes to strengthen community’s capacity to ensure a balanced way of life and resilience.