Taiwan ranks 17th in the latest World Competitiveness Yearbook published May 24 by Switzerland-based IMD. (Staff photo/Chuang Kung-ju)
Taiwan ranks 17th in the World Competitiveness Yearbook published May 24 by Switzerland-based International Institute for Management Development.
In the survey of 63 major economies, Taiwan placed fourth in the Asia-Pacific region ahead of Australia, 19th; Malaysia, 22nd; Japan, 25th; and South Korea, 27th; and behind Hong Kong, second; Singapore, third; and mainland China, 13th. The nation slipped three spots from the previous year in the overall rankings.
The U.S. moved up three places to lead this year’s survey. Netherlands ranked fourth, followed by Switzerland, Denmark, United Arab Emirates, Norway, Sweden and Canada, in that order.
In the report’s four main categories, Taiwan dropped two spots in both government efficiency and economic performance to 12th and 14th, respectively, five places to 20th in business efficiency, and one position to 22nd in infrastructure. The declines were attributed to factors such as high export dependency as well as decreases in foreign direct investment and the talent pool.
Taiwan registered improvements in several supporting indicators, including tax policy, up one spot to fourth; education, up six to 19th; employment, up one to 21st; and social framework, up two to 22nd.
Responding to the survey results, the Cabinet-level National Development Council said the government has rolled out several economic revitalization initiatives addressing issues identified in the report like export diversification, infrastructure investment and talent cultivation.
Related efforts include the New Southbound Policy and Forward-looking Infrastructure Development Program. The former seeks to deepen agricultural, business, cultural, education, tourism and trade links with Association of Southeast Asian Nations member states, South Asian countries, and Australia and New Zealand, while the latter is designed to meet Taiwan’s infrastructure needs for the next 30 years.
In addition, the Cabinet has hosted a series of interministerial meetings on relaxing foreign investment restrictions, the NDC said. Reforms have also been introduced to expand Taiwan’s talent pool such as the easing of visa and residency requirements for foreign professionals, the council added.
Other policies in the pipeline include a recently drafted economic immigration bill aimed at boosting recruitment and retention of foreign talents. Going forward, these policies are expected to boost competitiveness and ensure long-term prosperity, the NDC said.
First launched in 1989, the yearbook assesses economies across more than 250 indicators in the four main categories of business efficiency, economic performance, government efficiency and infrastructure. (CPY-E)
