IMD World Talent Ranking 2023 was unveiled by the IMD Business School in Switzerland. Taiwan was evaluated as having the 64th best economy. In Asia, it was still rated third, only behind Singapore (8th) and Hong Kong (16th), despite a dip in overall rankings over the past two years.
Taiwan is ranked 20th on the IMD talent competition ranking list.Photo reproduced from freepik
The National Development Council (NDC) noted that the COVID-19 outbreak has had a significant influence on this ranking report. The ranking has changed significantly this time because talent competition in most parts of the world has not yet recovered to pre-epidemic levels, and several nations have seen changes in business confidence as a result of the global economic slump. Taiwan also contributed to the overall ranking dropping one spot from 2022 owing to the downturn in economic development and poor confidence in key questionnaire survey measures.
Three elements make up the IMD talent evaluation: "Investing in and Developing Talents," "Attracting and Retaining Talents," and "Talent Readiness." Taiwan was placed 23, 21, and 19 in the world, respectively. There are 11 specific indicators among them in the "Attracting and Retaining Talents" segment, where Taiwan moved up 4 spots this time. This demonstrates that the government's policies throughout the pandemic were reasonable and provided evidence of the success of numerous efforts to recruit and keep talent in recent years, according to NDC.
According to the NDC, Taiwan's talent readiness still needs to be improved considering the advancement of globalization and the digital transformation. The government has promoted the 2030 bilingual strategy in addition to creating research centers in important national domains and regional technological training bases to develop talent. Local talent is more competitive when it is in line with global norms.