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Giant Leap, Taiwan’s Competitiveness Ranked 6th in World

Source: Taiwantrade | Updated: 23 June 2011

After leaping 15 rungs up the world competitiveness ladder in 2010, Taiwan has made a further two-rung advancement in the IMD World Competitiveness Yearbook 2011 report. Taiwan is now 6th in the world ranking and 3rd in Asia, its best showing ever.

The top 10 countries or areas in the competitiveness ranking for 2011, in descending order, are Hong Kong, the United States, Singapore, Sweden, Switzerland, Taiwan, Canada, Qatar, Australia, and Germany.

Suzanne Rosselet, deputy chief of IMD’s World Competitiveness Center, notes that while Taiwan’s competitiveness slipped in 2009 because of the financial crisis, the island’s economy rebounded strongly and leaped 15 rungs up the ladder last year, to 8th place. Taiwan has continued climbing this year, leapfrogging Canada and Australia, reflecting the resilience and flexibility of its economy.

Ms Rosselet indicates that Taiwan’s ranking reflects President Ma Ying-jeou’s improvement of cross-strait relations, which has created a more stable environment and strengthened public confidence. The implementation of the Economic Cooperation Framework Agreement (ECFA) has boosted Taiwan’s trade with Hong Kong and mainland China, increased corporate confidence and optimism, and heightened the number of mainland Chinese tourists visiting to Taiwan.

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