Taiwan ranked sixth among 184 economies and achieved its best-ever score in the 2022 Index of Economic Freedom released Feb. 14 by Washington-headquartered think tank The Heritage Foundation and U.S.-based business daily The Wall Street Journal.
With a total of 80.1 out of 100, 1.5 points higher than the 2021 edition, Taiwan finished third among 39 economies in the Asia-Pacific. It beat out South Korea, 74.6; Japan, 69.9; Malaysia, 68.1; Thailand, 63.2; and China, 48.
Taiwan was classified as “free” along with six other nations: Singapore, Switzerland, Ireland, New Zealand, Luxembourg and Estonia, in that order.
According to the index, Taiwan improved in four out of 12 benchmarks used to compile the rankings. The biggest gains were in judicial effectiveness and investment freedom, which rose 21.3 points and 10 points year on year to 94.2 and 70, respectively.
The index attributed the two benchmark outperformances to Taiwan’s independent judiciary and robust court system, as well as a well-developed investment framework facilitating capital and goods flow.
In response, the National Development Council said the report demonstrated the effectiveness of ongoing government efforts to further strengthen Taiwan’s economic climate. It is expected this momentum will be maintained throughout the year and reflected in the 2023 index, the NDC added.
First released in 1995, the annual index tracks the march of economic freedom in 184 markets worldwide spanning government size, open markets, regulatory efficiency and rule of law. (YCH-E)
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