New Southbound Policy Portal

Taiwan 8th in IMD world competitiveness ranking

From Taiwan Today 2024-06-18

Taiwan is 8th in the latest World Competitiveness Ranking published June 18 by Switzerland-based International Institute for Management Development. (Staff photo / Chin Hung-hao)

Taiwan earned the eighth spot in the latest World Competitiveness Ranking published June 18 by Switzerland-based International Institute for Management Development, according to the Cabinet-level National Development Council.

In the survey of 67 major economies worldwide, Taiwan was third in the Asia-Pacific, behind Singapore and Hong Kong. The country placed ahead of regional neighbors Australia, 13th; China, 14th; South Korea, 20th; Thailand, 25th; and Indonesia, 27th.

Singapore topped the list this year, followed by Switzerland, Denmark, Ireland and Hong Kong, in that order.

Four main categories were used to assess an economy’s overall competitiveness, and in infrastructure, Taiwan was tenth in the world, rising from 12th in 2023. The NDC noted that the country also showed progress in the basic infrastructure and education subcategories.

In business efficiency and government efficiency, Taiwan was ranked sixth and eighth, respectively. A sluggish global economy, coupled with a drop in exports due to inventory adjustments in the domestic manufacturing sector, saw Taiwan fall six spots to 26th in economic performance; however, the country still advanced in the subcategories of employment and international investment, the NDC said.

The report also listed challenges Taiwan is facing this year, including the acceleration of digital and net-zero transformations; the diversification of supply chain layout to enhance economic resilience; and expanded cultivation of domestic talents and recruitment of foreign professionals for key industries.

The NDC responded by stating that the government is committed to implementing the National Project of Hope proposed by President Lai Ching-te to advance industry, especially in the artificial intelligence and semiconductor sectors, to strengthen Taiwan’s competitiveness worldwide. (YCH-E)