Thailand maintained its 10th position in the annual Asia Power Index for the Asia-Pacific region this year, constrained by its aging demographic. The 2024 Asia Power Index was published by the Sydney-based Lowy Institute.
With a score of 19.8 points, Thailand improved by 1.1 points from the previous year but maintained its 2023 ranking.
According to the Lowy Institute, “Thailand excels in cultural influence and economic relationships, ranking 7th,” recognizing its effective integration and economic exchanges with other Asia-Pacific nations.
The institute also praised Thailand’s foreign relations strategies.
Thailand received a lower score in the “future resources” category, attributed to its aging population and the potential future impact.
“Thailand’s lowest ranking is in future resources, where it places 16th, reflecting its less favorable demographic outlook to 2050,” the institute added.
Singapore topped the list among the Association of Southeast Asian Nations members in 8th place, followed by Indonesia. Malaysia ranked just below Thailand, with Vietnam in 12th place.
The United States continued to lead the index, scoring 81.7 points, with China close behind at 72.7 points.
India surpassed Japan, taking third place due to Japan’s extended economic slowdown, which pushed Japan to fourth.
The index measures the overall power of 27 countries and territories in the region, based on a weighted average of eight categories including military capability, economic resources, diplomatic influence, and cultural impact, analyzed through 131 indicators.
Japan, which had maintained the third spot since the inception of the index in 2018 by the independent organization, dropped to fourth.
Japan’s scores fell by 1.4 points in “economic capability” and 4.2 points in “economic relationships,” as it faced stiff competition from South Korea, China, and Taiwan, eroding its technological edge.
This competition has diverted foreign investment from the Japanese technology sector and has been detrimental to Japan’s productivity, the report states.
India’s score in “future resources” rose by 8.2 points due to its young population, which is expected to provide a “demographic dividend” in the coming decades.
This term describes the economic growth that occurs when the working-age population increases faster than the total population.
