"Good health is a key ingredient to the well-being of society. At the same time, morality also builds a happy society. I invite you all to look at morality in the perspective of health, and you will see that the health of Thai morality, especially at leadership level, is degenerating,'' he said.

Prem said the best way to fight against degenerating morality was to apply the sufficiency philosophy, which stressed moderation, reason and morality as principles.

"The King has preached sufficiency for over 20 years, but few people have been interested. They believe the philosophy is outdated and not suitable for the country's industrialisation. What the King said 20 years ago is valid even today, and now people understand this philosophy and are applying it in life and development,'' he said.

Professor Dr Kasem Wattanachai, a privy councillor, also addressed the seminar on the sufficiency economy in an era of globalisation.

"The purpose of the sufficiency economy is not to run away from the trend towards globalisation but to be prepared for it so that you survive. This philosophy does not ban wealth: you can be rich in accordance with dharma,'' he said.