Taiwan’s economy ranked 13th in the world in terms of competitiveness an annual survey released yesterday showed.
That ranking in Global Competitiveness Report 2010-2011, compiled by the Geneva-based World Economic Forum, was one notch below the nation’s position last year.
However, Taiwan maintained a higher ranking than economic rival South Korea, which was 22nd on the list.
Singapore ranked the highest among Asian states in third position overall, while Japan was sixth and Hong Kong 11th.
Jennifer Blanke, chief economist at the World Economic Forum, said Taiwan’s score in the survey remained the same as last year.
The nation’s labor market may not be flexible enough, but this should not be a serious problem, Blanke said at a press conference in Beijing.
Taiwan earned high marks in the areas of health, higher education, personnel resources, market efficiency and innovation.
It was among the top 20 countries in nine of the 12 indices used to rate economies.
The nation dropped out of the top 20 in three categories — financial market maturity, labor market efficiency and institutions.
The three main factors that affect business operations are unstable government policy, government inefficiency and the nation’s taxation and foreign exchange policies, the survey showed.
Meanwhile, China rose two notches to 27th in the survey, ahead of India in 51st spot, Brazil in 58th and Russia in 63rd — the three other states in the so-called BRIC group.
Switzerland, Sweden and Singapore were ranked the three top economies in that order, while the US fell two spots to fourth.
The rankings are calculated based on publicly available data and the Executive Opinion Survey, which is a comprehensive annual survey conducted by the World Economic Forum together with its network of partner institutes in the 139 economies that are covered in the annual report.
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