Can "in percentage terms" change the ranking of subjects in a list?

Thailand spent 15% GDP on education--60 billion dollars
India spent 13% GDP on education--100 billion dollars
Georgia spent 14% GDP on education--80 billion dollars.
(Made-up statistics)

Are the following sentences correct?

In percentage terms, Thailand spent the most money on education.
In percentage terms, Thailand spent the most amount of money on education.

As to the question in your title, consider country A with education spending of $1 million and a GDP of $5 million (a small country!), and county B that spends $1 billion on education, but has a GDP of $900 billion. (using U.S. usage, so 1 billion is 10⁹).

Then although country B spends 900,000 (9 × 10⁵) times more than country A, as a percentage (proportion) of its GDP, country B spends barely 0.11% (1/900), while country A spends a whopping 20% (1/5). So yes, that can happen easily, just as paying the same price for any good or service constitutes a larger proportional hit for a person of little wealth than for a person with great wealth.

A more natural way to convey your meaning is [Of the countries considered,] Thailand spends the largest share of its GDP on education.