Taiwan advanced to 14th among 178 countries and territories in the 2015 World Economy Freedom Index, according to Washington-based think tank The Heritage Foundation Jan 27.
Scoring 75.1 out of 100, Taiwan moved up three places from last year to record its best-ever performance. 2015 marks the seventh year of consecutive improvement for the country in the index.
Of the 42 surveyed economies in the Asia-Pacific region, Taiwan remained fifth, trailing the top four of Hong Kong, Singapore, New Zealand and Australia in that order.
Prudent macroeconomic policy within a stable legal and monetary environment is key to Taiwan’s rising levels of economic freedom, the report said, adding that a well-functioning legal framework and tradition of private sector entrepreneurship benefits the country’s export-driven economy.
Of the 10 index benchmarks, Taiwan scored highest in business and trade freedoms at 92.4 and 86.4 points, respectively.
In addition, Taiwan notched up its all-time best showing in government spending and property rights at 87.1 and 70 points, respectively, both above the world average.
Produced jointly by The Heritage Foundation and The Wall Street Journal since 1995, the index tracks economic freedom, prosperity and opportunity worldwide.
