The nation’s global competitiveness ranking rose five spots to No. 13 this year on improving business innovation and economic fundamentals despite worsening government finances, a report by the World Economic Forum (WEF) showed.
The study by the Geneva-based WEF ranked Switzerland as the most competitive among 133 economies, followed by the US, Singapore, Sweden and Denmark.
Regionally, Taiwan ranked fourth behind Singapore, Japan and Hong Kong, but outperformed South Korea, whose ranking dropped six notches to No. 19, the report said.
The annual rankings were calculated from publicly available data and a poll of 13,000 business leaders between February and March. They encompass a broad range of factors including institutions, infrastructure, economic stability, labor market efficiency, technological readiness, financial market sophistication, health and primary education.
Taiwan owes its improved ranking chiefly to its GDP per capita, which surpassed the US$17,000 threshold last year, prompting the WEF to upgrade its economy from the transition stage to one driven by innovation, the report said.
The nation moved up one place to No. 6 in innovation ranking but its business sophistication dropped from No. 12 to No. 13, the report said. Overall, it gained points in institution, infrastructure, health and primary education, although its macroeconomic stability fell from No. 18 to No. 25, the report said.
The Council for Economic Planning and Development said the progress came as timely encouragement for the hard work by both public and private sectors to turn the economy around.
“It is not an easy job to raise the nation’s competitiveness ranking amid the global slump,” said Hung Jui-bin (洪瑞彬), director-general at the council’s economic research department. “The government will continue its efforts to spur economic growth while seeking to address weak aspects.”
The report lists the main strengths as well as weaknesses of countries. Taiwan’s government debt and deficit rankings fell 18 and 11 notches to No. 79 and No. 57 places respectively, the report said. The drops were the result of its escalating fiscal deficit and outstanding debts that are expected to reach NT$187.8 billion (US$5.7 billion) and NT$4.6 trillion respectively next year.
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