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September 20, 2017

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Stable society, politics needed for economic prosperity: MOEA chief

TAIPEI, Taiwan -- With a more stable society and political environment, Taiwan will experience better economic performance, Economics Minister Chang Chia-juch (張家祝) said yesterday, commenting on Taiwan's drop in the world competitiveness rankings.

Taiwan's global competitiveness ranking dropped to 13th place in 2014, marking the third consecutive year of decline, according to an annual report released by the Switzerland-based International Institute for Management and Development (IMD).

At No. 13, Taiwan's ranking declined two places from the previous year. However, among the four main factors in the IMD report, Taiwan's economic performance ranking rose in two places, indicating improvement in economic growth, consumer goods prices and employment.

Taiwan's ranking in the other three main factors all dropped. Government Efficiency, Business Efficiency and Infrastructure went down four places, seven places and one place, respectively. The former two have declined for three consecutive years.

Student Protests Impact Ranking

Chang believes there is a connection between Taiwan's political turmoil, namely the student-led protests, and the drop in the world rankings. Business operations are inseparable from government policies, Chang said, adding that Taiwan will see better economic performance with a more stable society and political environment.

Taiwan's Government Efficiency ranking is placed at No. 12, the best ranking among the four main factors. Of its sub-factors, Fiscal Policy is ranked at No. 4, while Public Finance dropped four places, showing limited improvement in the government's debt management and consequently businesses' concern for pooling funds, according to the Cabinet's National Development Council (NDC).

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