Taiwan ranks 13th out of 186 countries and territories in the 2018 Index of Economic Freedom released Feb. 2 by Washington-headquartered think tank The Heritage Foundation.
Scoring 76.6 out of 100, up 0.1 of a point from the 2017 edition, Taiwan finished above the regional and world averages and was classified as “mostly free.” It came in fifth among 43 countries and territories in Asia and the Pacific behind “free” Hong Kong, in first at 90.2; Singapore, second, 88.8; New Zealand, third, 84.2; and Australia, fourth, 80.9.
Of the 12 benchmarks used to assess a country and territory, Taiwan improved in fiscal health, up 7.1 to 90.8; judicial effectiveness, 1.5 to 69.2; government spending, 0.9 to 90.4; tax burden, 0.8 to 76.1; and government integrity, 0.4 to 70.9. Its highest score was in business freedom, 93.2.
According to the index, Taiwan is a dynamic, multiparty democracy boasting one of the richest economies in Asia. This achievement is based on a relatively well-developed commercial code and open-market policies facilitating the flow of goods and capital and strong small and medium enterprises.
The index also recognized that Taiwan’s “sound legal framework protects property rights and upholds the rule of law.” In addition, it recommended that to increase commerce with other Asian countries, “Taiwan will need to make more reforms to increase competition and openness.”
In response, the Cabinet-level National Development Council said the government is making strong headway in this regard. Some of the standout accomplishments to date include eliminating investment project obstacles such as electricity, labor, land, talent and water; improving the investment environment for foreign and startup businesses; relaxing related regulations; and strengthening investment services. (Today Today)
