Taiwan’s global competitive ranking advanced a notch to the 16th place this year on the back of enhanced business efficiency and technology infrastructure, according to an annual survey by the Lausanne, Switzerland-based International Institute for Management Development (IMD).
The improvement came as the Asia-Pacific region emerged as a beacon for competitiveness, with 11 out of 14 economies either advancing or holding their ground, the 2019 IMD World Competitiveness Ranking found.
Singapore overtook the US as the world’s most competitive economy, as the confidence boost from US President Donald Trump’s stimulus measures appears to have faded, while economic uncertainty took its toll on conditions in Europe, it said.
“Competitiveness is vital for the long-term health of an economy as it empowers businesses to achieve sustainable growth, generate jobs and, ultimately, enhance the welfare of citizens,” IMD world competitiveness director Arturo Bris said in the report.
The center grades 63 economies based on their economic performance, government efficiency, business efficiency and infrastructure.
Taiwan’s overall economic showing lost points due to weaker foreign investment, employment, international trade and a higher cost of living, the survey said.
Exports slowed this year, while an overconcentration on a few export destinations and products persisted, it said.
However, corporate managers expressed confidence in the nation’s economic resilience.
Business efficiency climbed from 20th place to 14th, as companies reported progress in productivity, asset management, operations and working conditions, the report said.
Taiwan’s infrastructure ranking advanced from 22nd place to 19th, due to the building of technology infrastructure as evidenced by its global leadership in cybersecurity, high-tech exports and the use of smartphones.
The nation’s basic infrastructure was flat, weighed by a fast-growing aging population and a low birthrate, the report said.
Government efficiency also held the same spot as last year, as favorable taxation and institutional regime offset a relatively low ranking for the ease of doing business, it said.
Regionally, Taiwan lags behind Singapore (1st), Hong Kong (2nd) and China (14th) in terms of competitiveness ranking, but was ahead of South Korea (28th) and Japan (30th).
Other Asian economies are catching up with the frontrunners.
Indonesia jumped 11 places to 32nd, enjoying the region’s biggest improvement, thanks to increased efficiency in the government sector, as well as improvements in infrastructure and business conditions.
Indonesia is also characterized by the lowest cost for labor across the economies studied, the report said.
Thailand advanced five places to 25th place, driven by an increase in foreign direct investment and productivity, it added.
Japan fell five places to 30th place, hampered by a sluggish economy, government debt and a weakening business environment.
Tropical Storm Usagi strengthened to a typhoon yesterday morning and remains on track to brush past southeastern Taiwan from tomorrow to Sunday, the Central Weather Administration (CWA) said yesterday. As of 2pm yesterday, the storm was approximately 950km east-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost point, the CWA said. It is expected to enter the Bashi Channel and then turn north, moving into waters southeast of Taiwan, it said. The agency said it could issue a sea warning in the early hours of today and a land warning in the afternoon. As of 2pm yesterday, the storm was moving at
UPDATED FORECAST: The warning covered areas of Pingtung County and Hengchun Peninsula, while a sea warning covering the southern Taiwan Strait was amended The Central Weather Administration (CWA) at 5:30pm yesterday issued a land warning for Typhoon Usagi as the storm approached Taiwan from the south after passing over the Philippines. As of 5pm, Usagi was 420km south-southeast of Oluanpi (鵝鑾鼻), Taiwan proper’s southernmost tip, with an average radius of 150km, the CWA said. The land warning covered areas of Pingtung County and the Hengchun Peninsula (恆春), and came with an amended sea warning, updating a warning issued yesterday morning to cover the southern part of the Taiwan Strait. No local governments had announced any class or office closures as of press time last night. The typhoon
DISCONTENT: The CCP finds positive content about the lives of the Chinese living in Taiwan threatening, as such video could upset people in China, an expert said Chinese spouses of Taiwanese who make videos about their lives in Taiwan have been facing online threats from people in China, a source said yesterday. Some young Chinese spouses of Taiwanese make videos about their lives in Taiwan, often speaking favorably about their living conditions in the nation compared with those in China, the source said. However, the videos have caught the attention of Chinese officials, causing the spouses to come under attack by Beijing’s cyberarmy, they said. “People have been messing with the YouTube channels of these Chinese spouses and have been harassing their family members back in China,”
The Central Weather Administration (CWA) yesterday said there are four weather systems in the western Pacific, with one likely to strengthen into a tropical storm and pose a threat to Taiwan. The nascent tropical storm would be named Usagi and would be the fourth storm in the western Pacific at the moment, along with Typhoon Yinxing and tropical storms Toraji and Manyi, the CWA said. It would be the first time that four tropical cyclones exist simultaneously in November, it added. Records from the meteorology agency showed that three tropical cyclones existed concurrently in January in 1968, 1991 and 1992.
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