India and Indonesia headed the list of emerging Asian countries spooking investors in 2013. This year, could it be Thailand and Malaysia?

European Pressphoto Agency

So far this year, the two countries’ currencies have gained against the U.S. dollar and performed well relative to their peers. Benchmark stock indexes in both countries are up year-to-date – particularly strongly in Thailand.

Yet both economies have vulnerabilities that could alarm investors in case of renewed emerging-market stress. Andrew Colquhoun, head of Asian sovereign ratings for Fitch Ratings, wondered aloud this week whether “Thailaysia” would soon replace “Indianesia” in the group of most vulnerable emerging markets.

No one is lumping Thailand and Malaysia in with the “Fragile Five” just yet. But if the events of the past year have taught us anything, it’s that economies that are slow to reform or run up excessive deficits are setting themselves up for a nasty fall.