Taiwan rated the world’s 5th happiest nation

2015-03-06

Taiwan is the fifth happiest economy among 51 major countries and territories featured in a report released March 4 by New York-based Bloomberg News.

Based on inflation and unemployment—two major factors causing unhappiness—Taiwan scored 4.88 points, finishing behind South Korea, 4.8; Japan, 4.5; Switzerland, 2.4; and Thailand, 1.6.

According to Bloomberg, the survey’s top 15, including Austria, Denmark, Norway, the U.K, U.S. and mainland China, enjoy “remarkably low” joblessness and price increases.

At the other end of the scale, Venezuela scored 86.5 on the basis of a projected inflation rate of 78.5 percent. It is followed by Argentina, 32; South Africa, 29.3; Ukraine, 27; and Greece, 23.4.

In a similar survey released Jan. 25 by Washington-based public policy research organization Cato Institute, Taiwan ranked 105th among 108 economies in the World Misery Index survey for its low unemployment.

Wu Ming-huei, director of the Department of Economic Development under the National Development Council, said the ratings adequately reflect the general conditions in Taiwan. “Joblessness has been steadily improving over the years, while the country’s consumer prices constantly remain at a low level.”

Directorate-General of Budget, Accounting and Statistics data revealed Taiwan’s consumer price increases and unemployment rate were 1.2 percent and 3.96 percent, respectively, in 2014, while the gross domestic product grew 3.74 percent.

The DGBAS estimates Taiwan’s GDP growth to gain another 3.78 percent this year, with the CPI set to inch up 0.26 percent. The NDC expects joblessness to hover between 3.8 percent and 3.9 percent.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=227957&CtNode=413)