Taiwan is the world's fifth-most competitive economy, according to a Global Competitiveness Report released yesterday, a ranking the Cabinet said proves that the Democratic Progressive Party (DPP)-led government's economic revitalization programs work.
"We're happy about the result but not at all content," Cabinet Spokesman Lin Chia-lung (
The World Economic Forum (WEF) survey of 102 countries said that Taiwan rose to fifth place because of its technology strengths.
Pointing to WEF reports over the past three years, Lin called on the public to have faith in the DPP-led government and its resolve to push for economic reform.
"Our ranking in growth competitiveness has gradually climbed since the DPP came to power in 2000 and we believe it'll continue to improve if the DPP stays in power," Lin said.
According to the WEF, Taiwan ranked 10th in the growth competitiveness ranking in 2000, seventh in 2001 and sixth last year.
In the ranking for business competitiveness, Taiwan ranked 21st in 2000 and 2001. It rose to 16th last year and maintained the same place this year.
Finland was ranked the world's most competitive economy, followed by the US and Sweden.
Britain dropped four places to 15th and Canada fell off the top 10 list to stand 16th, both penalized for declines in the quality of their public institutions.
The survey among business leaders measured economic competitiveness based on a combination of technology, the quality of public institutions and the macroeconomic environment.
The US scored high on technology but was weak on the quality of its public institutions and economic environment, particularly public finances, where it ranked 50th.
After Taiwan, Singapore was Asia's best performing country. It moved into sixth place because of a sound economy and the quality of its public institutions.
Japan climbed five places to 11th, partly driven by its strength in technology.
Korea improved to 18th place from 25th due to signs of improving technology and a better economic environment, the report said.
China fell to 44th from 38th, marked by a drop in the perceived quality of its public institutions, with substantially lower scores on independence of its judiciary and corruption in the public sector, the WEF said.
Haiti, Chad and Angola showed the lowest scores.
"If there is one lesson from our exercise, it is that the strength and coherence of government policies have an enormous bearing on a country's ranking," Augusto Lopez-Claros, chief economist of the WEF, said in a statement.
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