Information analysis and evaluation model (IAEM) of Thai economy sustainability based on SEP and SDGs

Abstract

The economic system of Thailand is predicated on cooperation between parties that are affected by economic decisions, partnerships between public and private entities, and robust relationships in the local community to foster sustainable development. Economic development in Thailand is managed by the community and government with support from the business sector. The economic system of Thailand aims to balance three conceptual pillars that can be described as ‘social, economic, and environmental’ dimensions. However, there is a lack of tools for data analysis and the evaluation of community well-being and economic functioning that can be applied to all relevant situations independent of external factors. In this paper, these authors produced an information analysis and evaluation model of the local economy (IAEM) that is based on the application of the Sufficiency Economy Philosophy (SEP) and Sustainable Development Goals (SDGs). Data were collected using a questionnaire that was evaluated by experts regarding the project's capacity to meet economic, social, and environmental development goals according to the SEP for SDGs, which demonstrated a reliability of 0.88. For our statistical analysis, Multiple Linear Regression Analysis, Decision Matrix Analysis, K-Means, Percentage, and Average were performed for the analysis of data. The results showed that the SEP has a significant relationship to the SDGs at 89.60% (R2 = 0.896, p < 0.001). IAEM provides a framework for analysis and evaluation of the local economy in six clusters that consist of water resources (WAT), human capacities and capabilities (HUM), economic stability (ECO), healthy communities (HEA), climate change (CLI), and the agricultural sector (AGR). Our results indicate that the IAEM can be used for the analysis and evaluation of the sustainability of a local economy based on the three pillars. The IAEM can be applied to policies and projects in sustainable development at each level of the local economy based on the SEP in a partnership with SDGs; this observation suggests that more implementation of development projects in accordance with the SEP will lead to increased development towards SDGs based on the three dimensions outlined.