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Taiwan has been ranked 14th in global competitiveness by the International Institute for Management (IMD) for 2017, the same position as last year.

Hong Kong and Switzerland remained the two most competitive economies worldwide, followed by Singapore, the United States and the Netherlands, according to the 2017 IMD World Competitiveness Ranking published on May 31.

Taiwan was rated 14th out of the 63 economies covered by the annual report and was third among Asian economies, behind Hong Kong and Singapore.

Economies are ranked based on an analysis of more than 340 criteria grouped in four main categories: economic performance, government efficiency, business efficiency and infrastructure.

This year, Taiwan was ranked 12th in economic performance, up three notches from last year and 15th in business efficiency, up one place.

Taiwan’s ranking in government efficiency fell one place to 10th, while its infrastructure position declined two places to 21st.

In the new World Digital Competitiveness Ranking introduced by the IMD this year, Taiwan was ranked 12th worldwide and third in Asia, behind Singapore (1st) and Hong Kong (7th).

The Digital Competitiveness Ranking (DCR) measures economies using 50 indicators in three categories: knowledge, technology and future readiness.

Taiwan was ranked 7th in technology and 16th in knowledge as well as future readiness.

Responding to the decline in government efficiency, the Ministry of Economic Affairs said the government will continue its deregulation efforts, by amending the Company Act and the Statute for Investment by Foreign Nationals, reducing investment barriers to attract more foreign investment.

Addressing the fall in Taiwan’s infrastructure performance, National Development Council Deputy Minister Kung Ming-hsin said the “forward-looking infrastructure development plan” recently proposed by the government is aimed at improving the country’s infrastructure, thereby stimulating private investment and boosting industrial competitiveness.

Source: Focus Taiwan