Taiwan Slips In WEF Survey Rankings

Taiwan dropped one notch on the World Economic Forum’s Global Competitiveness Report, from 14th to 15th place, due to lagging innovation and shortcomings in terms of business sophistication.

It was Taiwan’s worst showing in the report since the 2008 financial crisis when it placed 17th. The report evaluates 140 economies on 114 factors across 12 categories, including “Institutions,” “Higher Education and Training,” and “Business Sophistication.” This year’s report found that “Taiwan, China” had improved on such factors as macroeconomic environment and efficiency enhancers, but slipped in innovation, an area that is considered particularly crucial as technologies and economies evolve. Taiwan scored an average of 5.3 out of a highest possible score of 7, and ranked fourth in the Asia-Pacific behind Singapore, Japan, and Hong Kong, but ahead of Malaysia, South Korea, and China.

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