Taiwan moved one place up to 12th in the Global Competitiveness Report released Sept. 4 by Geneva-based World Economic Forum, reflecting the country’s improving business and regulatory environment amid challenges at home and abroad.
With a score of 5.29, up 0.01 from last year, Taiwan’s overall score has improved four times in a row. Switzerland, Singapore and Finland continued to retain the top three places in that order of the 148 economies surveyed.
“This result indicates that Taiwan’s overall competitiveness remains strong despite uncertainties surrounding the global economy,” the ROC Council for Economic Planning and Development said.
According to the report, Taiwan’s performance “has been very stable and consistently strong over the past five years.” The country’s notable strengths include the capacity of local firms to innovate, highly efficient goods markets and world-class primary and higher education.