Taiwan ranks sixth out of 64 evaluated countries in Switzerland’s Lausanne Institute of Management (IMD) World Competitiveness Yearbook 2023. IMD released their rankings on Tuesday, which showed Taiwan’s fifth consecutive year of improvement in overall performance.
Among economies with a population of over 20 million, Taiwan has been ranked first in the world for three consecutive years. However, the economic performance ranking fell nine places to 20th due to the global economic slowdown and other factors.
In the medium categories, Taiwan was ranked in the top 5 in the world for business management and scientific construction, and the top 3 in the world for a number of sub-categories. In addition, driven by the government's policies to improve economic resilience and boost domestic investment, Taiwan ranked 3rd in the Complexity Index, 5th in Economic Resilience, and 9th in Gross Fixed Capital Formation to GDP ratio.
The National Development Council pointed out that the IMD World Competitiveness Rating can be used as a comprehensive examination of the country's economic and social system. The government will analyze the strengths and weaknesses of Taiwan in the different categories, as well as compare it with other countries with similar levels of development. The results and rankings will assist in formulating action strategies to increase overall competitiveness.