TAIPEI (Taiwan News) — Taiwan fell one place to rank 20th out of 64 economies named in the latest talent competitiveness list published by the IMD Business School in Switzerland Thursday (Sept. 21).

The country came third for Asia, behind Singapore at No. 8, with a rise of four spots, and Hong Kong at No. 16, falling two notches. Malaysia followed at No. 33, South Korea at No. 34, China at No. 41, Japan at No. 43, and Thailand at No. 45.

The top spots were occupied by small European countries, with IMD host Switzerland holding on at No. 1, followed by Luxembourg and Iceland. The United States moved up one place to No. 15, while Taiwan exchanged places with Israel.

Commenting on the rankings, the National Development Council (NDC) said global competitiveness had not fully recovered from the COVID-19 pandemic yet, while the poor state of the international economy also had a negative impact. According to the NDC, Taiwan’s one-spot decline on the list was the result of the economic slowdown and of weak confidence, CNA reported.

For the factor investing in and developing talent, Taiwan ranked No. 23. The country was listed as No. 21 for attracting and retaining talent, while it ranked No. 19 for its readiness to receive international talent.

The NDC said the positive appraisals were the result of government policies to attract foreign talent and to educate local technology and business talent.

However, the IMD list registered sharp declines for international experience and language ability. Taiwan will improve the situation by continuing to promote its bilingual policies and launching institutes in collaboration with academics and business, the NDC said.