Join our daily newsletter At The Bell to receive exclusive market insights
Australia has moved up the ranks in terms of its ‘reputation’ and ease of doing business, according to the latest Brand Finance Global Soft Power Index 2024 – which evaluates perceptions of nation brands worldwide.
The Brand Finance survey covers more than 170,000 respondents from across 100 countries.
It sheds light on the perceptions of all 193 United Nations member states. Soft power, the ability to sway international preferences through attraction rather than coercion, is measured across 55 metrics to produce a comprehensive ranking.
The report highlighted the growing recognition of both Australia and New Zealand
Both countries demonstrated notable improvements in various aspects of soft power. Australia rose by 11 places and New Zealand by 14, reflecting growing influence in the realms of business and trade.
Australia’s reputation and ease of doing business saw major upticks, showcasing its transparent and supportive business environment, even as the cost of living crisis and general lingering COVID-borne macro trends continue to act as headwinds.
On the other hand, New Zealand’s focus on innovation and technology contributed to its positive image, particularly in the areas of arts, entertainment, and sports leadership.
Whether the recently elected conservative government changes (or improves) these rankings remains to be seen.
In addition to economic credentials, other factors such as good relations with other countries play a crucial role in soft power – forums such as the Pacific Islands Forum and the Asia Pacific Economic Cooperation won mentions in the report.
Nations with robust economies like the United States, China, Switzerland, and the United Arab Emirates have maintained their positions at the top.
China, perhaps interestingly, saw a rapid ascent to the third position.
On the other hand, countries impacted and faced with military conflicts had their soft power shaken negatively – and amongst those were Russia, Ukraine, and Israel, reflecting a global sentiment against countries engaged in such actions.
Conversely, intentional efforts to enhance soft power have proven successful for nations like the United Arab Emirates, Saudi Arabia, Qatar, and Turkey. All four countries have invested in nation branding projects, diplomatic initiatives, and major events to bolster their global standing.
