According to the 2018 edition of the Global Competitiveness Report published by the World Economic Forum (WEF) on October 17, 2018, Taiwan remains 13th among the 140 economies being assessed around the world. Among others, it ranks 4th in East Asia and Pacific, behind Singapore (2nd), Japan (5th) and Hong Kong (7th), but ahead of Australia (14th), South Korea (15th), New Zealand (18th), and China (28th).
Taiwan remains 13th among the 140 economies around the world being assessed by WEF. (Image: via Central News Agency)
Taiwan was also one of only four countries (Taiwan, United States, Singapore, and China) among the 17 economies in East Asia and the Pacific to remain in the same position as last year.
The beautiful night view of Taipei City in northern Taiwan. (Image: via King-Thai So)
Based on 98 indicators organized into 12 pillars, the World Economic Forum’s Global Competitiveness Index assesses the competitiveness of 140 economies using a methodology integrating the latest statistics from international organizations and a survey of executives.
These 12 pillars include: “Institutions,” “Infrastructure,” “ICT adoption,” “Macroeconomic stability,” “Health,” “Skills,” “Product market,” “Labor market,” “Financial system,” “Market size,” “Business dynamism,” and “Innovation capability.”
The Main Gate of Chiang Kai-shek Memorial Complex in Taipei, Taiwan (Image: Billy Shyu via Nspirement)
Taiwan ranks in the top 10 of 18 indicators
Taiwan shared first place in the “Macroeconomic stability” pillar along with 31 other countries, and it made it into the top 10 in a total of 18 indicators among the 98 indicators. It ranks 7th and 4th for “Financial system” and “Innovation capability” respectively.
Beautiful landscape of Taiwan’s paddy fields. (Image: Screenshot via YouTube)
The global median score on the Innovation capability pillar is only 36 out of 100, which is the lowest score among the 12 pillars. Nevertheless, Taiwan, Germany, the United States, and Switzerland are the only four “super innovators” that score above 80.
Please watch the following video provided by Taiwan’s Ministry of Foreign Affairs.
WEF indicated that, with the introduction of the new Global Competitiveness Index 4.0, the 2018 edition of the Global Competitiveness Report is a milestone in the four-decade history of the series. It also explained that the new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution.
WEF further pointed out that the report provides a much-needed compass for policymakers and other stakeholders to help shape economic strategies and monitor progress.
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