ROC rated 14th freest economy in the world

2016/02/03

Taiwan finished 14th among 178 countries and territories in the 2016 Index of Economic Freedom, according to Washington-based think tank The Heritage Foundation Feb. 1.

Although the nation’s score of 74.7 out of 100 was down 0.4 of a point year on year, its ranking remained unchanged from 2015. In the Asia-Pacific region comprising 42 economies, Taiwan finished ahead of Japan at No. 22 and South Korea at No. 27, but trailed Australia at No. 5, New Zealand at No. 3, Singapore at No. 2 and Hong Kong at No. 1.

Overall, North Korea, Cuba and Venezuela finished bottom of the index in that order.

Of the 10 index benchmarks used to assess an economy, including property rights, fiscal, monetary, trade and financial freedoms, the ROC did particularly well in business, scoring 93.2 and placing fourth in the world.

The index describes Taiwan as a dynamic, multiparty democracy. It boasts one of the richest economies in Asia, characterized by a well-developed commercial code and open-market policies facilitating the free flow of goods and capital.

“A sound legal framework provides strong protection of property rights and upholds the rule of law,” the index stated, commending Taiwan’s regulatory efficiency as evidenced by the ongoing streamlining of business registration procedures in recent years.

But the index highlighted a lack of flexibility in the local labor market, adding that while corruption remains a problem, it is “much less pervasive” than in the past.

Established in 1995 and jointly published by The Wall Street Journal, the index tracks economic freedom around the world on an annual basis.

Source: Taiwan Today (http://taiwantoday.tw/ct.asp?xItem=241965&ctNode=2194&mp=9)