Taiwan ranks fourth out of 184 economies in the 2024 Index of Economic Freedom released Feb. 26 by Washington, D.C.-headquartered think tank The Heritage Foundation. (Staff photo/Chin Hung-hao)
 

Taiwan ranked fourth in the 2024 Index of Economic Freedom released Feb. 26 by Washington, D.C.-headquartered think tank The Heritage Foundation, maintaining its best-ever ranking achieved last year.

Scoring 80 out of 100, Taiwan finished second among 40 economies in the Asia-Pacific. It beat out South Korea, 73.1; Japan, 67.5; Malaysia, 65.7; Indonesia, 63.5; and China, 48.5. Taiwan ranked as “free” for the third consecutive year alongside the top three finishers Singapore, Switzerland and Ireland, in that order.

According to the index, Taiwan improved in three out of 12 benchmarks used to compile the rankings. The biggest gains were in business freedom and trade freedom, which both rose six points year on year to 84.9 and 86.4, respectively, while property rights also saw a three-point increase to 82.2.

According to the Cabinet-level National Development Council, Taiwan’s outstanding performance can be attributed to the signing of the first agreement under the U.S.-Taiwan Initiative on 21st Century Trade, as well as regulatory reforms including amendments to the Business Mergers and Acquisitions Act, Commodity Labeling Act, Patent Act and Trademark Act.

Taiwan plays a key role in global supply chains, the NDC said, adding that the government will continue promoting innovative technology, encouraging resilient business strategies and creating a better investment environment to enhance the country’s industrial competitiveness.

First released in 1995, the annual index tracks economic freedom in 184 economies based on benchmarks spanning government size, open markets, regulatory efficiency and rule of law. (YCH-E)