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Taiwan misery index ranked third among Four Asian Tigers
Taiwan News, Staff Writer
2014-07-30 03:18 PM

Chung Hua Institution for Economic Research (CIER) president Wu Chung-shu stated Tuesday, in the past 10 years among the Four Asian Tigers, Taiwan’s commodity prices have changed the least. Taiwan’s misery index was ranked third behind Hong Kong and South Korea. Taiwan’s economic growth rate was superior to Korea but Taiwan possessed the highest unemployment rate.

He pointed out, observing the economic growth rates of the Four Asian Tigers in the past 10 years, Taiwan’s 3.98% is actually higher that Korea’s 3.63%. He does not understand why both Korea and Taiwan have always believed that Korea’s economic growth was better. Among the Four Asian Tigers, Singapore had the best growth rate at 6.28% with Hong Kong coming in second at 4.53%.

Wu also discovered, in comparing the misery indices of the Four Asian Tigers in the past 10 years, Taiwan came in second at 5.85%, behind Singapore’s 5.2% and better than Hong Kong and Korea’s 6.95% and 6.35%, respectively.

His analysis indicates that the reason Taiwan’s misery index was not the worst was related to Taiwan’s lowest commodity price fluctuations. In the last 10 years, Taiwan’s commodity prices fluctuated 1.41%, lower than Hong Kong’s 2.54%, Korea’s 2.9%, and Singapore’s 2.74%. However, he stated, commodity price fluctuations of less than 1% signal deflation, so 1% is best.

Nonetheless, Taiwan’s unemployment rate was worst among the Four Asian Tigers. He said Taiwan’s unemployment rate reached 3.58%, higher than Hong Kong’s 3.17%, Korea’s 2.71%, and Singapore’s 1.81%.

Wu also offered two major suggestions regarding Taiwan’s future development. First is “create an environment of innovation” including the continued promotion of open-door policies, maintenance of economic flexibility and vitality, strengthening of value-added thinking, no longer operating the service industry with a manufacturing industry mentality, raising legal and management systems to international standards, and encouraging the diverse integration of culture, society, economy, and sustainability.

The second is “improving efficiency” including strengthening inter-ministerial government functions, strict implementation of pre-assessment and post-examination of government investment plans, execute solutions to poor implementation, enhance legislative efficacy, and reduce political bickering.

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