President Bush plans to give his farewell address to the nation on Thursday, in what will be his last public appearance until Inauguration Day. 

White House press secretary Dana Perino said Bush will use the opportunity to reflect on his past eight years in office and discuss the challenges that lie ahead for the next administration. 

Speaking at his last press conference before leaving office on Monday, Bush urged President-elect Barack Obama not to fall prey to critics. He discussed his time in office, admitting some aspects "didn't go according to plan" when it came to the Iraq war but asserting that the United States' reputation is still strong. 

"I strongly disagree with the assessment that our moral standing has been damaged. It may be damaged amongst some of the elite. But people still understand America stands for freedom; that America is a country that provides such great hope," he said.

Bush will deliver his farewell address -- a tradition dating back to George Washington --  in front of an audience at 8 p.m. ET from the East Room of the White House.