Thu, Sep 06, 2012 - Page 13 News List

Taiwan’s business ranking remains strong: global index

PACEMAKER:The country kept its 13th place in the competitiveness stakes, but deteriorating fiscal conditions and budget deficits weighed it down

By Amy Su  /  Staff reporter

The nation’s global competitiveness ranking remained unchanged at No. 13 this year, supported by highly efficient markets for goods and a solid educational performance, despite weak institutional frameworks and a worsening macroeconomic environment, a report by the World Economic Forum (WEF) showed yesterday.

144 COUNTRIES

The Global Competitiveness Report 2012-2013 by the independent Geneva-based organization evaluated 144 countries based on 111 factors that fall within 12 main categories.

Taiwan maintained the 13th position for the third year in a row, with its Global Competitiveness Index (GCI) for this year marking its highest level for six years — climbing to 5.28 this year from the 5.26 recorded last year.

“Its competitiveness profile is essentially unchanged and consistently strong,” the report said.

MARKET EFFICIENCY

The report showed that Taiwan ranked eighth in goods market efficiency, up three places from last year, with higher educational performance moving up one notch at ninth place.

The business sophistication — which shows an inclination to innovate — remained unchanged at No. 13 this year, but the innovation index fell by five notches from a year earlier to No. 14.

MACROECONOMICS

However, strengthening competitiveness will require continued improvements to the nation’s institutional framework, which rose by five notches to No. 26 this year, as well as stabilizing its macroeconomic environment, which fell by six places to No. 28 due to deteriorating fiscal conditions and its budget deficit.

LABOR MARKETS

Notably, the nation’s labor market efficiency climbed 11 notches from the previous year’s ranking to No. 22, the highest rising level among the 12 categories, indicating that local bosses’ layoff costs have been lowered this year.

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