Taiwan’s global competitive ranking advanced a notch to the 16th place this year on the back of enhanced business efficiency and technology infrastructure, according to an annual survey by the Lausanne, Switzerland-based International Institute for Management Development (IMD).
The improvement came as the Asia-Pacific region emerged as a beacon for competitiveness, with 11 out of 14 economies either advancing or holding their ground, the 2019 IMD World Competitiveness Ranking found.
Singapore overtook the US as the world’s most competitive economy, as the confidence boost from US President Donald Trump’s stimulus measures appears to have faded, while economic uncertainty took its toll on conditions in Europe, it said.
“Competitiveness is vital for the long-term health of an economy as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens,” IMD world competitiveness director Arturo Bris said in the report.
The center grades 63 economies based on their economic performance, government efficiency, business efficiency and infrastructure.
Taiwan’s overall economic showing lost points due to weaker foreign investment, employment, international trade and a higher cost of living, the survey said.
Exports slowed this year, while an overconcentration on a few export destinations and products persisted, it said.
However, corporate managers expressed confidence in the nation’s economic resilience.
Business efficiency climbed from 20th place to 14th, as companies reported progress in productivity, asset management, operations and working conditions, the report said.
Taiwan’s infrastructure ranking advanced from 22nd place to 19th, due to the building of technology infrastructure as evidenced by its global leadership in cybersecurity, high-tech exports and the use of smartphones.
The nation’s basic infrastructure was flat, weighed by a fast-growing aging population and a low birthrate, the report said.
Government efficiency also held the same spot as last year, as favorable taxation and institutional regime offset a relatively low ranking for the ease of doing business, it said.
Regionally, Taiwan lags behind Singapore (1st), Hong Kong (2nd) and China (14th) in terms of competitiveness ranking, but was ahead of South Korea (28th) and Japan (30th).
Other Asian economies are catching up with the frontrunners.
Indonesia jumped 11 places to 32nd, enjoying the region’s biggest improvement, thanks to increased efficiency in the government sector, as well as improvements in infrastructure and business conditions.
Indonesia is also characterized by the lowest cost for labor across the economies studied, the report said.
Thailand advanced five places to 25th place, driven by an increase in foreign direct investment and productivity, it added.
Japan fell five places to 30th place, hampered by a sluggish economy, government debt and a weakening business environment.
The combined effect of the monsoon, the outer rim of Typhoon Fengshen and a low-pressure system is expected to bring significant rainfall this week to various parts of the nation, the Central Weather Administration (CWA) said. The heaviest rain is expected to occur today and tomorrow, with torrential rain expected in Keelung’s north coast, Yilan and the mountainous regions of Taipei and New Taipei City, the CWA said. Rivers could rise rapidly, and residents should stay away from riverbanks and avoid going to the mountains or engaging in water activities, it said. Scattered showers are expected today in central and
People can preregister to receive their NT$10,000 (US$325) cash distributed from the central government on Nov. 5 after President William Lai (賴清德) yesterday signed the Special Budget for Strengthening Economic, Social and National Security Resilience, the Executive Yuan told a news conference last night. The special budget, passed by the Legislative Yuan on Friday last week with a cash handout budget of NT$236 billion, was officially submitted to the Executive Yuan and the Presidential Office yesterday afternoon. People can register through the official Web site at https://10000.gov.tw to have the funds deposited into their bank accounts, withdraw the funds at automated teller
COOPERATION: Taiwan is aligning closely with US strategic objectives on various matters, including China’s rare earths restrictions, the Ministry of Foreign Affairs said Taiwan could deal with China’s tightened export controls on rare earth metals by turning to “urban mining,” a researcher said yesterday. Rare earth metals, which are used in semiconductors and other electronic components, could be recovered from industrial or electronic waste to reduce reliance on imports, National Cheng Kung University Department of Resources Engineering professor Lee Cheng-han (李政翰) said. Despite their name, rare earth elements are not actually rare — their abundance in the Earth’s crust is relatively high, but they are dispersed, making extraction and refining energy-intensive and environmentally damaging, he said, adding that many countries have opted to
PEACE AND STABILITY: Maintaining the cross-strait ‘status quo’ has long been the government’s position, the Ministry of Foreign Affairs said Taiwan is committed to maintaining the cross-strait “status quo” and seeks no escalation of tensions, the Ministry of Foreign Affairs (MOFA) said yesterday, rebutting a Time magazine opinion piece that described President William Lai (賴清德) as a “reckless leader.” The article, titled “The US Must Beware of Taiwan’s Reckless Leader,” was written by Lyle Goldstein, director of the Asia Program at the Washington-based Defense Priorities think tank. Goldstein wrote that Taiwan is “the world’s most dangerous flashpoint” amid ongoing conflicts in the Middle East and Russia’s invasion of Ukraine. He said that the situation in the Taiwan Strait has become less stable
RSS