Taiwan achieves best-ever score in Index of Economic Freedom

2023/03/07

Taiwan ranked fourth in the 2023 Index of Economic Freedom released Feb. 28 by Washington-headquartered think tank The Heritage Foundation, achieving its best-ever score.
 
With a total of 80.7 out of 100, Taiwan finished second among 39 economies in the Asia-Pacific. It beat out South Korea, 73.7; Japan, 69.3; Malaysia, 67.3; Indonesia, 63.5; and China, 48.3.
 
Taiwan was classified as “free” along with three other nations: Singapore, Switzerland and Ireland, in that order.
 
According to the index, Taiwan improved in seven out of 12 benchmarks used to compile the rankings. The biggest gains were in fiscal health and government integrity, which rose seven points and 2.5 points year on year to 93.6 and 76.3, respectively.
 
According to the Cabinet-level National Development Council, the two outstanding performances can be attributed to the drop in the government debt-to-GDP ratio, which went from 33.7 percent in 2022 to 28.4 percent in 2023, as well as regulatory reforms such as amendments to the Act on Property-Declaration by Public Servants.
 
The report demonstrated the effectiveness of Taiwan’s ongoing efforts to strengthen its economic climate, the NDC said, adding that the government will continue promoting innovation, encouraging sustainable development and creating a better investment environment for enterprises from home and abroad.
 
First released in 1995, the annual index tracks economic freedom in 184 markets worldwide based on benchmarks spanning government size, open markets, regulatory efficiency and rule of law.


Source: Taiwan Today (https://taiwantoday.tw/index.php)