Taiwan ranked eighth in the latest Global Competitiveness Index released on June 18 by the Switzerland-based International Institute for Management Development (IMD), according to Taiwan’s National Development Council (NDC). acronym in English), at the Cabinet level.
In the study of the world’s 67 major economies, Taiwan ranked third in the Asia-Pacific, behind Singapore and Hong Kong. The nation ranked ahead of its regional neighbors Australia (13th), China (14th), South Korea (20th), Thailand (25th) and Indonesia (27th). Singapore topped the list this year, followed by Switzerland, Denmark, Ireland and Hong Kong, in that order.
Four main categories were used to assess an economy’s global competitiveness, and in infrastructure, Taiwan ranked 10th in the world, rising from 12th in 2023. The NDC noted that the nation also showed progress in the subcategories of basic infrastructure and education .
Taiwan drives digital and low-carbon transformation of SMEs
In business efficiency and government efficiency, Taiwan ranked sixth and eighth, respectively. The sluggish global economy, coupled with falling exports due to inventory adjustments in the national manufacturing sector, caused the country to fall six places to 26th in economic performance; However, the nation continued to make progress in the employment and international investment subcategories, according to the NDC.
Taiwan faces key challenges
The report also lists the challenges facing Taiwan this year, including accelerating digital and net-zero transformations; diversifying supply chain layout to improve economic resilience; as well as expanding the training of national talents and hiring foreign professionals for key industries.
The NDC responded by stating that the Taiwanese government is committed to implementing the National Hope Project proposed by President Lai Ching-te to advance the industry, especially in the artificial intelligence and semiconductor sectors, in order to strengthen Taiwan’s competitiveness around the world.
