Taiwan ranks 6th in the latest World Competitiveness Yearbook published June 20 by Switzerland-based IMD. (Staff photo/Chin Hung-hao)
 

Taiwan moved up one spot to 6th in the latest World Competitiveness Yearbook published June 20 by Switzerland-based International Institute for Management Development, achieving its best ranking in the annual report since 2012.

In the survey of 64 major economies worldwide, Taiwan placed second in the Asia-Pacific, behind Singapore at fourth place. The country placed ahead of regional neighbors Hong Kong, seventh; Australia, 19th; China, 21st; Malaysia, 27th; South Korea, 28th and Thailand, 30th.

Denmark remained at the top in this year’s survey, followed by Ireland, Switzerland, Singapore and the Netherlands, in that order.

Of the four main categories used to assess an economy’s overall competitiveness, Taiwan was fourth in the world in business efficiency, rising from sixth last year. The country also progressed up the ranks in the subcategories of attitudes and values; finance; management practices; and productivity and efficiency.

In government efficiency, Taiwan also moved up two spots to sixth due to a strong showing in public finance. In infrastructure, the country rose from 13th to 12th this year with upward progress in subcategories such as health and environment; scientific infrastructure; and technological infrastructure.

Due to the country’s relatively high baseline in 2022’s economic growth rate, coupled with a sluggish global economy, Taiwan fell nine spots to 20th in economic performance; however, Taiwan still advanced in the subcategory of prices, the Cabinet-level National Development Council said.

The report also listed challenges Taiwan is facing this year, including strengthening economic and social resilience post-pandemic; the promotion of digital and net-zero dual transformation; as well as the enhancement of regional balance and social inclusion. (YCH-E)