Taiwan ranks 2nd in world in economic transformation

Taiwan ranked 2nd in economic transformation and 3rd in political transformation on Bertelsmann Stiftung's 2018 Transformation Index

Taipei at night. (Photo by Pixabay user tingyaoh)

Taipei at night. (Photo by Pixabay user tingyaoh)

TAIPEI (Taiwan News) -- Taiwan has been ranked as 2nd in terms of economic transformation in the world, 3rd in political transformation and 3rd overall out of 129 countries by Bertelsmann Stiftung's 2018 Transformation Index.

The index, compiled by the private German think tank Bertelsmann Stiftung, compares the level of political and economic transformation of 129 countries around the world and ranks them on a list called the Bertelsmann Stiftung Transformation Index (BTI). This year, Taiwan tied with Estonia for 2nd in Market Economy Status, which the organization defines as "the state of economic transformation achieved by each BTI country."

In first place was the Czech Republic, while Slovenia (4), Lithuania (5), Singapore (6), South Korea (7), Latvia (8), Poland (9) and Slovakia rounded out the top 10.

As for Democracy Status, which the foundation defines as "the state of political transformation achieved in each BTI county," Taiwan placed 3rd. Uruguay and Estonia took the top two spots, while behind Taiwan was Lithuania (4), the Czech Republic (5), Slovenia (6), Chile (7), Costa Rica (8), Latvia (9), and Slovakia rounding out the top 10.

In a third category, Governance, the organization looks at the "quality of political leadership in which transformation processes are steered, Taiwan tied for 3rd with Chile, while Estonia and Uruguay took the top spots. Rounding out the top ten were Lithuania (5), Botswana (6), Czech Republic (7), Latvia (8), Costa Rica (9) and Slovenia (10).

Taiwan's high economic, political and governance scores, gave it an overall 3rd place rank, while the Czech Republic took the top spot, followed by Estonia. Behind Taiwan was Lithuania (4), Uruguay (5), Slovenia (6), Chile (7), Latvia (8), Slovakia (9) and Poland (10).

To compile the overall ranking, Bertelsmann Stiftung considers 17 factors such as political participation, rule of law, political and social integration, level of socio-economic development, currency and price stability, consensus building and international cooperation.

In its executive summary for Taiwan, the foundation wrote "Taiwan has remained a high performer in terms of democratic politics and liberal market policies. It continues to enjoy a high degree of stateness, meaningful elections, the absence of undemocratic veto actors, stable democratic institutions and a vibrant civil society, and does extremely well in guaranteeing its citizens political rights and civil liberties."