The Swiss-based International Institute for Management Development (IMD) released the 2023 IMD World Competitiveness Ranking on Tuesday, 20 June 2023 showing that Taiwan rose up to the 6th most competitive economy in the world.
Out of 64 economies, Taiwan also improved over last year’s ranking in Asia to reach second place, trailing only Singapore (fourth) as Hong Kong dropped to seventh, according to the Taiwan News.
Maintaining its spot as the most competitive economy in the world was Denmark, followed by Ireland, Switzerland, Singapore, Netherlands, Taiwan, Hong Kong, Sweden, U.S., and United Arab Emirates, rounding out the top 10.
The IMD ranks economies based on 164 competitiveness criteria, which are grouped into four factors, including economic performance, government efficiency, business efficiency, and infrastructure.
