Taiwan has moved up one spot to No. 7 in the latest world competitiveness rankings, a yearbook released yesterday by the International Institute for Management Development (IMD) showed.
The nation’s seventh-place ranking, its highest in the World Competitiveness Yearbook since 2013, helped it to keep its ranking as the third-most competitive economy in Asia, behind Singapore and Hong Kong, the IMD said.
In the previous four years, Taiwan has been ranked 17th, 16th, 11th and eighth.
Photo courtesy of the National Development Council
In terms of individual indicators, Taiwan ranked sixth in business efficiency, eighth in government efficiency, 11th in economic performance and 13th in infrastructure, the IMD said.
The nation improved one spot in business efficiency and government efficiency, remained unchanged in infrastructure, but fell five spots in economic performance, which the National Development Council attributed to fallout from the COVID-19 pandemic.
The retreat was a consequence of a relatively high baseline compared with other countries in 2020 and last year’s tightened disease prevention measures, which hurt the economy, the council said in a news release yesterday.
The challenges that Taiwan faces this year include promoting sustainable development, technological innovation and digital transformation, as well as deepening international cooperation to bolster economic resilience, it said.
Denmark led this year’s rankings, followed by Switzerland, Singapore, Sweden, Hong Kong, the Netherlands, Taiwan, Finland, Norway and the US, while China ranked 17th and South Korea ranked 27th.
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