Secret of Thailand’s success (6.0)

A. Across Asia, a common question has emerged: Why are the region’s economies so dynamic and resilient? Explanations range from youthful populations and rapid urbanisation to expanding middle-class markets and improved fiscal discipline. Yet one crucial factor is often overlooked — the growing role of women in the workforce.Research increasingly suggests that when women have equal access to education and employment, economies become more productive and less dependent on public debt for growth. A recent survey by MasterCard International supports this argument, comparing the socio-economic status of women and men in Asia-Pacific countries using four main indicators: labour participation, tertiary education, managerial positions, and income above the national median.

B. According to the survey, Thailand leads the region in women’s advancement, scoring 92.3 out of 100, where 100 represents full gender equality. The findings were based on both national statistics and interviews with around 300 to 350 women in thirteen countries. Malaysia ranked second with 86.2, followed by China with 68.4. The regional average stood at 67.7.At the other end of the scale were South Korea (45.5), Indonesia (52.5), and Japan (54.5). Interestingly, the nations performing best in gender equality are also recognised as Asia’s emerging economic leaders. Thailand’s impressive economic expansion has become a model for its neighbours, Malaysia is home to a female central bank governor, and China’s extraordinary growth continues to reshape global trade.

C. A common feature among these successful economies is a relatively high level of female labour participation. In contrast, countries with the lowest scores face persistent structural challenges — high debt levels, ageing populations, and underutilised female talent.Economic history clearly demonstrates that women play a vital role in driving sustainable development. As economist Yuwa Hedrick-Wong notes, the broader women’s involvement across economic sectors, the greater the likelihood of robust and inclusive growth. Societies that fail to integrate women’s skills and creativity risk stagnation.South Korea illustrates this point well: despite early success following the 1997–1998 Asian financial crisis, rising household debt and limited female inclusion have since constrained growth.

D. It may not be a coincidence that South Korea also performs poorly on the United Nations’ gender equality index. In 2003, the country ranked below Honduras, Paraguay, and Ukraine in terms of women’s empowerment. Encouraging greater female participation would expand Korea’s labour pool and boost its long-term growth potential.Japan faces similar demographic and social pressures. The country’s reluctance to promote women into leadership positions has worsened its most urgent problem — a declining birth rate. In 2003, the fertility rate dropped to 1.29 children per woman, down from about two in the early 1970s, and it continued to fall in 2004. This poses a major threat to an ageing and heavily indebted society that struggles to sustain its pension system. Many Japanese women delay motherhood as a silent protest against traditional expectations that they should quit work and become housewives.

E. In Japan, the decision to have children often ends a woman’s career, a reality that continues to suppress both birth rates and productivity. As UN Secretary-General Kofi Annan recently observed, no other policy is as effective in raising economic performance as empowering women.Thailand appears to have learned this lesson. With annual growth exceeding six per cent, the country benefits from a visible presence of women in leadership — including a female deputy governor at the Bank of Thailand and a woman CEO at Siam Commercial Bank, one of the nation’s largest lenders.Ultimately, the MasterCard survey highlights a clear truth: gender equality is not only a matter of fairness, but also a powerful driver of economic progress.