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Numerous business organizations have been collapsed and/or taken over by foreign investors. In particular, Thai SMEs, which employ approximately 90% of the Thai workforce, have been greatly affected by the crisis. This situation does not support the long-term social and economic development of Thailand.
After the 1997 Asian economic crisis, a philosophy called Sufficiency Economy was reiterated by His Majesty King Bhumibol Adulyadej, the world’s longest reigning monarch, as an approach to develop a more resilient and sustainable economy in Thailand. The Sufficiency Economy Philosophy stems from remarks made by His Majesty King Bhumibol Adulyadej throughout his years on the throne...
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