Thailand retains 10th spot in Asia Power Index 2024

Thailand maintained its position as the tenth most powerful and influential country in the Asia-Pacific region, according to the Asia Power Index 2024 released by the Lowy Institute.

Scoring 19.8 points, Thailand gained 1.1 points from last year but remains in the same ranking as in 2023. The Lowy Institute praised Thailand for its cultural influence and economic relationships, where it ranks seventh, highlighting its successful integration with other Asia-Pacific countries through economic activities and people exchanges.

Additionally, Thailand was commended for its foreign relations policies.

The country, however, scored poorly in the future resources category due to its ageing population and the projected impact on its future demographics. Thailand’s lowest ranking (16th) in this category reflects a less favourable demographic outlook by 2050, as noted by the institute.

Singapore emerged as the most powerful member of the Association of Southeast Asian Nations, ranking eighth, with Indonesia following closely behind. Malaysia was ranked just below Thailand, with Vietnam in twelfth place.

The United States retained its top spot on the index, scoring 81.7 points, closely followed by China with 72.7 points. Japan, which had consistently held the third position since the index’s inception in 2018, slipped to fourth place, overtaken by India, which rose due to its fast-growing economy.

The Asia Power Index evaluates the comprehensive power of 27 countries and territories in the region, and uses a weighted average across eight measures, including military capability, economic resources, diplomatic influence, and cultural influence, calculated by 131 indicators.

Japan’s slip to fourth place was attributed to its prolonged economic stagnation. The country lost 1.4 points in economic capability and 4.2 points in economic relationships. The report indicated that Japan’s technological advantage has eroded sharply due to competition with South Korea, China, and Taiwan, leading to a redirection of foreign investment away from Japan’s technology sector and contributing to declining productivity.

India, on the other hand, gained 8.2 points in future resources. The report highlighted that India’s youthful population could deliver a demographic dividend over the coming decades, referring to economic growth resulting from a growing working population outpacing the overall population growth, reported Bangkok Post.