Taiwan ranks 12th among 141 economies in the latest Global Competitiveness Report released Oct. 9 by Geneva-based World Economic Forum.
 
Scoring 80.2 out of 100, Taiwan finished ahead of neighbors South Korea, 79.6; Malaysia, 74.6; and China, 73.9, but behind Singapore, 84.8; Hong Kong, 83.1; and Japan, 82.3. Singapore topped the survey ahead of the U.S. in second and Hong Kong in third.
 
Among the 12 categories used to assess competitiveness, Taiwan earned full marks in macroeconomic stability and outperformed in financial system with 88. It was also lauded as a “super innovator” by WEF and one of only four economies, alongside Germany, the U.S. and Switzerland, to receive more than 80 in innovation capability.
 
Minister Chen Mei-ling of the Cabinet-level National Development Council welcomed the result and said it demonstrates international recognition of Taiwan’s reputation as a smart country and can-do problem solver. Recent investment in the country’s startups from firms based in Japan, Singapore and the U.S. further illustrates this healthy state of affairs, she added.
 
According to Chen, the government will prioritize fostering an even more vibrant startup environment, as well as deepening the talent pool and strengthening the education sector. These steps are expected to ensure the country’s long-term competitiveness and keep it firmly on the development fast track, she said.
 
Launched in 1979, the report provides an annual assessment of the drivers of productivity and economic growth. The 2019 edition evaluates countries and territories across 103 indicators in a dozen categories. (YCH-E)
 
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