Heritage Foundation ranks Taiwan's economy 4th freest

27 February, 2024

Courtesy of ICRT


Taiwan has once again been ranked fourth in the 2024 Index of Economic Freedom.


It means the island maintains its best ranking achieved last year in the annual report released by the Washington-based Heritage Foundation.


The report assesses 184 countries on four key aspects comprising 12 sub-factors. Those are then equally weighted and averaged to produce an overall score. The four main aspects are rule of law; government size; regulatory efficiency; and market openness.

The report noted that Taiwan's performance in regulatory efficiency scored 84.9, 69.1 and 80.1 in the sub-factors for business freedom, labour freedom and monetary freedom, exceeding the global average scores of 62.3, 56.1 and 67.6. Taiwan scored higher than the global average in all 12 subcategories. And its overall score of 80, means that Taiwan's economy is categorized as "free" along with that of Singapore, Switzerland and Ireland. However, although Taiwan maintained its ranking, the island's overall score fell from 80.7 in last year's index.

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