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Taiwan 4th most innovative economy in the world: WEF
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2020-01-14 16:10
Taiwan 4th most innovative economy in the world: WEF

Taiwan moved up one place from the previous year to rank 12th out of 141 economies surveyed in the World Economic Forum’s Global Competitiveness Report 2019 released Oct. 9 last year.

In the “innovation capability” category, Taiwan placed fourth, behind only Germany, the United States and Switzerland. The indicator measures the quantity and quality of formal research and development, as well as the capacity to turn ideas into new goods and services.

With an overall score of 80.2 out of 100 in the survey, Taiwan finished ahead of neighboring nations South Korea at 79.6, Malaysia at 74.6 and mainland China at 73.9, but behind Singapore at 84.8, Hong Kong at 83.1 and Japan at 82.3.

Taiwan also ranked on par with 33 other economies as the most competitive in terms of macroeconomic stability, with this conclusion being reached by measuring the level of inflation and the sustainability of fiscal policy, according to the report.

The top ten competitive economies in the survey were Singapore, the United States, Hong Kong, the Netherlands, Switzerland, Japan, Germany, Sweden, the United Kingdom, and Denmark.

The competitive edge of economies around the world is assessed based on the Global Competitiveness Index 4.0. The index includes twelve pillars, namely institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability.

Sources: Global Competitiveness Report 2019, Free Library, Taiwan Today, United Daily News, Commercial Times

Update: 2019-06-17
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