Taiwan is ranked 14th in world competitiveness. That’s according to the latest report from the Swiss-based IMD. The ranking for Taiwan is the lowest since 2010 and a drop from last year’s 11th spot.
Hong Kong took the top spot this year from the USA. It was followed by Switzerland, the USA, Singapore and Sweden. In Asia, Malaysia, South Korea and Indonesia all suffered significant falls from their 2015 position. Taiwan was ranked 3rd in Asia.
The rankings are based on analysis of over 340 criteria covering economic performance, government efficiency, business efficiency and infrastructure.
Taiwan’s score in government efficiency was the same as last year but the other three categories all saw a decline.
IMD World Competitiveness Center director Arturo Bris said Taiwan’s fundamentals are no less favorable than last year, but its score was pulled down three ranks by its low GDP growth. Taiwan’s GDP grew just 0.85 percent in 2015, the lowest since 2009.