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Taiwan ranked 2nd in Asian Competitiveness Report

Taiwan snatched the second place in an annual report evaluating the competitiveness of Asian economies, released at the annual conference for Boao Forum for Asia (BFA), which opens on March 26th in China’s Hainan Province. Now in its ninth year, the Asian Competitiveness Report gauges how 37 Asian economies fared in the preceding year from five perspectives, which are overall economic momentum, administrative efficiency in business, social development levels, infrastructure, human capital and innovative ability.

According to 2019 index, the countries and areas making to the top five are South Korea, Taiwan, Singapore, Hong Kong and Japan. Israel, Australia, New Zealand, China and the United Arab Emirates are ranked 6th to 10th respectively.

Taiwan is considered to have a competitive advantage in high-tech innovation and product export, though still falling behind South Korea. Nevertheless, the country has implemented efforts to improve the business environment, with its administrative efficiency performance climbing up five slots, the report noted.

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