Home Taiwan Taiwan Rated by WEF as One of the World’s Four Super Innovators

Taiwan Rated by WEF as One of the World’s Four Super Innovators

According to the 2018 edition of the Global Competitiveness Report published by the World Economic Forum (WEF) on October 17, 2018, Taiwan remains 13th among the 140 economies being assessed around the world. Among others, Taiwan ranks 4th in the East Asia and Pacific, behind Singapore (2nd), Japan (5th) and Hong Kong (7th), but ahead of Australia (14th), South Korea (15th), New Zealand (18th), and China (28th).

Taiwan remains 13th among the 140 economies around the world being assessed by WEF . (Image: Central News Agency)
Taiwan remains 13th among the 140 economies around the world being assessed by WEF. (Image: Central News Agency)

Taiwan was also one of only four countries (Taiwan, United States, Singapore, and China) among the 17 economies in East Asia and the Pacific to remain in the same position as last year.

The beautiful night view of Taipei City in northern Taiwan. (Image: Courtesy of King-Thai So)
The beautiful night view of Taipei City in northern Taiwan. (Image: Courtesy of King-Thai So)

Based on 98 indicators organized into 12 pillars, the World Economic Forum’s Global Competitiveness Index assesses the competitiveness of 140 economies by means of a methodology integrating the latest statistics from international organizations and a survey of executives.

These 12 pillars include: “Institutions,” “Infrastructure,” “ICT adoption,” “Macroeconomic stability,” “Health,” “Skills,” “Product market,” “Labor market,” “Financial system,” “Market size,” “Business dynamism,” and “Innovation capability.”

The Main Gate of Chiang Kai-shek Memorial Complex in Taipei, Taiwan (Image Billy Shyu Vision Times)
The Main Gate of Chiang Kai-shek Memorial Complex in Taipei, Taiwan (Image: Billy Shyu / Vision Times)

Taiwan shared first place in the “Macroeconomic stability” pillar along with 31 other countries, and Taiwan made it into the top 10 in a total of 18 indicators among the 98 indicators. It ranks 7th and 4th for “Financial system” and “Innovation capability” respectively.

Beautiful landscape of Taiwan's paddy fields. (Image: Screenshot from a YouTube. provided by Taiwan's Ministry of Foreign Affairs.)
Beautiful landscape of Taiwan’s paddy fields. (Image: Screenshot from a YouTube. provided by Taiwan’s Ministry of Foreign Affairs.)

The global median score on the Innovation capability pillar is only 36 out of 100, which is the lowest score among the 12 pillars. Nevertheless, Taiwan, Germany, the United States, and Switzerland are the only four “super innovators” that score above 80.

Please watch the following video provided by Taiwan’s Ministry of Foreign Affairs.

WEF indicated that, with the introduction of the new Global Competitiveness Index 4.0, the 2018 edition of the Global Competitiveness Report is a milestone in the four-decade history of the series. It also explained that the new index sheds light on an emerging set of drivers of productivity and long-term growth in the era of the Fourth Industrial Revolution.

WEF further pointed out that the report provides a much-needed compass for policymakers and other stakeholders to help shape economic strategies and monitor progress.

Follow us on Twitter or subscribe to our weekly email

Billy Shyu
Billy has published over 100 articles on the beauty of Taiwan, traditional culture, and other interesting topics. He will continue to share more interesting articles with our readers.

Most Popular

Pennsylvania Election Certification Delayed by State Judge

On Nov 2., Patricia McCullough, a Pennsylvania judge, ordered state officials not to verify the results of the 2020 presidential election until her court...

Amid Fraud Allegations, Only 3 Percent of Trump Voters Believe He Lost the Election to Biden

The 2020 U.S. presidential election has engendered a serious perceptive divide over its results, with just 3 percent of Trump voters agreeing that Democratic...

Powell’s Biblical Lawsuits to Begin, Giant Tidal Wave Approaches

The post-election struggle between the Biden and Trump campaigns continues to escalate. As Sidney Powell’s “biblical” lawsuit gradually unfolds, the world is tantalized by...

Why You Should Maintain Good Posture and How to Do It

Posture is the way you hold your body, whether it is while sitting, standing, sleeping, or any other way. A bad posture will have...