Taiwan ranks 7th in the latest World Competitiveness Yearbook published June 15 by Switzerland-based IMD. (Staff photo/Chin Hung-hao)
 

Taiwan moved up one spot to 7th in the latest World Competitiveness Yearbook published June 15 by Switzerland-based International Institute for Management Development, achieving its best ranking in the annual report since 2013.

In the survey of 63 major economies worldwide, Taiwan is third in the Asia-Pacific behind Singapore, third, and Hong Kong, fifth. The country placed ahead of regional neighbors China, 17th; Australia, 19th; South Korea, 27th; New Zealand, 31st; and Malaysia, 32nd.

Denmark moved up two spots to top this year’s survey, followed by Switzerland, Singapore, Sweden and Hong Kong, in that order.

Among the four main categories the report uses to assess an economy’s overall competitiveness, Taiwan made a headway in business efficiency, rising to sixth in the world from seventh last year, with the subcategories of finance, productivity and efficiency all demonstrating progress.

In infrastructure, the country moved up one spot to 13th on the back of strong showings in basic infrastructure and technological infrastructure.

Although Taiwan remains 8th in government efficiency, subcategories such as business legislation, institutional framework and tax policy saw improvement.

In terms of economic performance, Taiwan fell five spots to 11th. According to the Cabinet-level National Development Council, this result reflects the country’s relatively high baseline compared to other economies in 2020 and the impact of the COVID-19 pandemic last year.

The report also listed challenges Taiwan is facing this year, including the promotion of sustainable development, technology innovation, digital and green transition, as well as the deepening of international cooperation to strengthen economic resilience. (YCH-E)