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Taiwan ranked 14th in the economic freedom index

Heritage Foundation, a conservative research think tank based in Washington D.C., released Friday the annual Index of Economic Freedom.

Taiwan ranked 14th in economic freedom index

Heritage Foundation, a conservative research think tank based in Washington D.C., released Friday the annual Index of Economic Freedom.

Heritage Foundation, a conservative research think tank based in Washington D.C., released Friday the annual Index of Economic Freedom, in which Taiwan ranked as 14th-freest economy in the world, retaining the same position as the previous year.

The Index of Economic Freedom focuses on aspects that could be grouped into four broad categories: rule of law, government size, regulatory efficiency, and market openness.

“Economic freedom is the key to achieving the broad-based economic dynamism ensuring lasting inclusive growth and increased prosperity for society as a whole,” said the index report.

Among the 178 countries covered by the index, Taiwan scored 74.7 points, slightly down 0.4 points from the previous year. In the regional ranking within the Asia Pacific region, Hong Kong, Singapore, New Zealand, Australia and Taiwan snatched the top five positions.

The index suggested Taiwan’s level of economic freedom as “mostly free” with a global ranking of 14th. It’s noted Taiwan’s economic successes were trade freedom, business freedom, and property rights. However, it also revealed Taiwan’s lack of flexibility in the labor market, fragmented financial sector that is susceptible to state interference, and perceived corruption that is relatively pervasive due to the fact that politics and big business remain closely intertwined.


Updated : 2021-06-18 01:24 GMT+08:00