TAIPEI (Taiwan News) — Taiwan has emerged as the eighth most competitive economy in the 2021 World Competitiveness Yearbook released by the Institute for Management Development (IMD).
Taiwan moved up three spots to make it into the top 10 this year, its best showing since 2013. The annual rankings reveal the performance of 63 economies across the globe based on indicators such as economic performance, government efficiency, business efficiency, and infrastructure.
Taiwan also came first in this year’s rankings among those competitors with a population of over 20 million. The top 10 are Switzerland, Sweden, Denmark, the Netherlands, Singapore, Norway, Hong Kong, Taiwan, the UAE, and the U.S.
According to IMD, the best-performing nations are those that have done an outstanding job in innovative investment, diverse economic activity promotion, and supportive public policy rollouts, wrote CNA.
Challenges facing Taiwan this year include promoting technological innovation, deepening international cooperation, attracting domestic and foreign investment to seize on post-COVID-19 opportunities, and retaining talent, among others.