Taiwan was listed 11th in the 2017 global rankings for economic freedom, jumping 3 places to gain its highest ranking ever, according to the Heritage Foundation, which released the index recently.
Taiwan was ranked ahead of both the United Kingdom (12th) and the United States (17th), the Heritage Foundation’s Index of Economic Freedom showed.
Taiwan scored 76.5 points, a gain of 1.8 points from the previous year and its highest score ever, rising from 14th last year to 11th among the 186 countries covered by this year’s index.
In the Asia Pacific region, Taiwan placed 5th, after Hong Kong, Singapore, New Zealand and Australia, in that order.
This year, the components of the economic freedom index were increased from 10 to 12 and evaluated separately.
Among the 12 sub-indexes, Taiwan showed improvement in the areas of property rights, government integrity, government spending, business freedom, labor freedom, and monetary freedom.
Taiwan’s performance was unchanged in the area of financial freedom and it slipped in terms of tax burden, trade freedom, and investment freedom.
According to the Heritage Foundation report, Taiwan’s private sector has benefited from a relatively well-developed commercial code and open-market policies that facilitate the free flow of goods and capital.
Source: Focus Taiwan