Taiwan has placed twelfth this year in the World Economic Forum’s annual ranking of the world’s most competitive economies. That’s one place higher than last year.
Singapore topped the list this year, beating out the United States.
The ranking is based on twelve criteria that cover different aspects of development and the economy. Taiwan placed fourth overall in the area of innovation capability, sixth in financial system and fourteenth in product market. In other categories, such as institutions and macroeconomic stability, Taiwan fared worse, below twentieth place.
National Development Council Minister Chen Mei-ling said Wednesday that Taiwan has made progress in the past year, but that it has room for improvement when it comes to fostering skilled workers.