Hypo Venture Capital Zurich Headlines: Taiwan Ranks Sixth Place in World Competitiveness

http://hypoventurecapital-news.com/2011/05/hypo-venture-capital-zurich-headlines-taiwan-ranks-sixth-place-in-world-competitiveness/

Taipei, May 19, 2011 (CENS)–Taiwan ranks sixth place in world competiveness, up two notches from last year, its best showing ever, according to the 2011 World Competitiveness Yearbook published by the International Institute for Management and Development (IMD), based in Lausanne, Switzerland.

IMD compliments Taiwan for its ability to stage a rapid upturn from the impact of the global financial tsunami but downgrades Taiwan`s ranking for government efficiency to 10th place, from last year`s sixth place, due to the effect of government stakes and bureaucratic administration on corporate activities. IMD remarks that government efficiency is key to national competitiveness and postponement in government reform would threaten economic development.
Of the four major indicators of the world competitiveness evaluation, Taiwan suffers decline only in the sector of government efficiency. It jumps eight notches in economic performance and advances one notch in infrastructure. It stays at the third place for corporate efficiency.
In the latest evaluation of IMD, which covers 59 economies, Hong Kong and U.S. stand side by side at the first place, replacing Singapore, while Korea ranks 22nd place, mainland China 19th place, and Japan 26th place. Taiwan ranks sixth place worldwide and third place in Asia, trailing Hong Kong and Singapore.
Stephane Garelli, director IMD`s World Competitiveness Center, pointed out that the global financial tsunami has apparently impacted major economies, but economies ranking top 10 in world competitiveness manifest strong resilience. Another IMD official attributed Taiwan`s remarkable performance to the flexibility and resilience of its economy. Another major factor contributing to Taiwan`s competitiveness is the signing of cross-Taiwan Strait Economic Cooperation Framework Agreement (ECFA), which is conducive to the enlargement of cross-Strait trade, stabilization of cross-Strait relationship, and strengthening of the confidence for corporate investment and private consumption, according to IMD.