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Taiwan: Taiwan ranked 6th in IMD World Competitiveness Yearbook 2011

Taiwan: Taiwan ranked 6th in IMD World Competitiveness Yearbook 2011

Taiwan was ranked the 6th in the IMD World Competitiveness Yearbook 2011 released yesterday by the Switzerland-based business school, thanks mainly to its strong domestic economy and buoyant international trade.

The yearbook highlights Taiwan's resilience along with "resistant" Switzerland -- ranked just ahead of Taiwan at the 5th -- in the face of the recession that hit the world in 2008-09.

Both Hong Kong and the United States were ranked at the top, with Singapore coming closely behind, followed by Sweden, Switzerland and Taiwan.

Canada ranked the 7th, ahead of Qatar, Australia and Germany in that order. From the 11th to the 20th were Luxemburg, Denmark, Norway, the Netherlands, Finland, Malaysia, Israel, Austria, China and the United Kingdom.

According to the yearbook, the recovery of financial markets pushed the U.S., which was ranked the 3rd in 2010, back to the top.

Taiwan was ranked the 8th last year. With the world 6th ranking, it is the 3rd in Asia, next only to Hong Kong and Singapore.

Among the major economies with a population of over 20 million, Taiwan has surged ahead of Canada and Australia, behind the U.S. only.

Among the four major indicators, Taiwan's economic performance was placed the 8th among the 59 economies covered by the yearbook.

Last year, Taiwan placed the 16th in this indicator.

The ranking of Taiwan's government efficiency fell from the 6th in 2010 to the 10th in 2011, with public finance and business legislation scoring poorly among the sub-factors that include fiscal policy and institutional framework.

In the "business efficiency" indicator, Taiwan performed brilliantly, ranking the 3rd as it did last year. The good ranking was due to impressive achievements in productivity and efficiency, management practices, and attitudes and values.

In the fourth major indicator -- infrastructure -- Taiwan ranked the 16th, a slight improvement from last year's 17th placement. Sub-factors in this category include basic infrastructure, health and environment, and education.

Though Taiwan's overall performance has pushed its ranking from the 8th to the 6th, the yearbook said the island country faces the following challenges in 2011:

-- It needs to cultivate first-class talent and strengthen innovative R&D;

-- It should work to ensure comfortable living standards and maintain a sustainable environment;

-- It should continue efforts to promote normalization of cross-strait economic and trade relations;

-- It needs to strengthen corporate governance; and

-- It had better continue to implement financial and fiscal reforms.

Updated : 2021-07-24 23:35 GMT+08:00