Taiwan ranks 8th on world competitiveness list

臺灣高居世界競爭力榜第八名

TAIPEI (Taiwan News) — Taiwan ranked eighth on Switzerland’s International Institute for Management Development (IMD) world competitiveness list published on Tuesday (June 18).

According to the report, the top 10 countries were: Singapore, Switzerland, Denmark, Ireland, Hong Kong, Sweden, United Arab Emirates, Taiwan, Netherlands, and Norway.

Despite falling two spots compared to last year, Taiwan still ranked higher than the U.S., China, and Japan, per CNA. Furthermore, among economies with a population over 20 million, Taiwan retained its leading position for four consecutive years.

According to the IMD, Taiwan’s decline is mainly attributed to weak global demand impacting Taiwan’s manufacturing sector, causing a significant drop in the economic performance category, where it ranked 26th. Meanwhile, the country of 23 million ranked sixth in business efficiency, eighth in government efficiency, and 10th in infrastructure.

The National Development Council (NDC) commented the decline in economic performance is due to high global inflation and high-interest rates in 2023, leading to weak end-user demand. This resulted in ongoing inventory adjustments in domestic manufacturing and a cautious investment outlook among businesses, it added.

Despite this, the NDC highlighted Taiwan’s leading position and stressed its entrepreneurial spirit and technological R&D capabilities.

“With the global economic and trade recovery steadily progressing this year, domestic manufacturing inventory reduction nearing completion, and exports rebounding, Taiwan’s economy is poised for steady growth,” the council said.