Thailand’s Ageing Population Creates Concerns for Future Competitiveness
PUBLISHED : 14 Oct 2024 at 12:01
Thailand remains 10th in the 2024 Asia Power Index, as its ageing population affects its competitiveness in the Asia-Pacific region. The annual report highlights that, despite a gain of 1.1 points for a total of 19.8 points, Thailand’s ranking has not improved from the previous year.
The findings indicate that Thailand’s cultural influence and economic relationships position the country favorably, ranking 7th in these areas. The report also commends Thailand for its engagement with other Asia-Pacific nations through economic activities and exchanges.
However, the index reveals a significant concern regarding Thailand’s future resources, dropping to 16th place, which underscores the challenges posed by its demographic shifts leading to an ageing population. This trend presents alarming implications for the country’s long-term economic viability.
Within the region, Singapore ranks highest among ASEAN countries at 8th, followed closely by Indonesia. Malaysia is positioned just below Thailand, with Vietnam in 12th place.
The United States retains its lead with a score of 81.7 points, followed by China at 72.7 points. Japan has slipped to fourth place, overtaken by rapidly growing India, which highlights the challenges Japan faces amid prolonged economic stagnation.
The analysis assesses the composite power of 27 nations and territories in the region based on eight criteria, including military capability, economic resources, and diplomatic influence, evaluated through 131 indicators.
Japan’s longstanding third position has changed, as it has experienced declines in key areas including economic capability and relationships, attributed to intensified competition from South Korea, China, and Taiwan, which has redirected foreign investment and impacted productivity.
In contrast, India’s youthful demographic has resulted in a significant increase in its future resources ranking, indicating the potential for a substantial economic uplift in the years to come.
