Taiwan has moved up one spot to sixth place among 64 economies in the latest world competitiveness rankings released Tuesday by the International Institute for Management Development (IMD).
Taiwan’s sixth place ranking, its highest in the World Competitiveness Yearbook since 2012, also meant it become the second most competitive economy in Asia, behind Singapore, according to the IMD. - Over the past five years, Taiwan has ranked 17th, 16th, 11th, eighth and seventh in the IMD rankings.
Among the four indicators used to compile the rankings, Taiwan ranked fourth in business efficiency, sixth in government efficiency, 12th in infrastructure, and 20th in economic performance, the IMD said.
Despite improvements in the first three categories, Taiwan fell nine spots in the last one, which the National Development Council (NDC) attributed to the slowing global economy and a relatively high baseline last year in Taiwan.
The NDC acknowledged, however, that Taiwan is relatively weak in the “labor market” performance under the category of business efficiency, falling from 17th to 25th in the 2023 IMD report.
The challenges particularly lie in the shortage of migrant workers and high-skilled foreign workers, the NDC said, stressing that it will put more emphasis on retaining Taiwan’s foreign workforce.
Denmark led this year’s rankings, followed by Ireland, Switzerland, Singapore, the Netherlands, Taiwan, Hong Kong, Sweden, the United States and the United Arab Emirates.
China ranked 21st, while South Korea ranked 28th, according to the report.
Source: Focus Taiwan