TAIWAN DROPS ONE NOTCH IN WEF GLOBAL COMPETITIVENESS SURVEY.

TAIPEI, Nov 1 Asia Pulse - Taiwan ranks 14th in the latest global competitiveness survey released by the Geneva-based World Economic Forum (WEF) Wednesday, one notch lower than its 2006 ranking.

Among Asian countries, Taiwan ranks fifth in the annual WEF survey, also one notch down from last year's level.

Taiwan's competitiveness lags behind that of its Asian neighbors Singapore, Japan, South Korea and Hong Kong, according to the Global Competitiveness Report 2007-2008, a survey of 131 countries and areas conducted by the WEF.

It marks the first time that Taiwan has been surpassed by its main rival, South Korea, in the annual WEF report.

South Korea's global ranking jumped to 11th place from last year's 24th place, reflecting its rapidly growing competitive might, the report says.

In a world competitiveness report issued by the Swiss business school in Lausanne -- the International Institute for Management Development (IMD) -- in May, Taiwan was in 18th place, ahead of Japan (24th) and South Korea (29th), while lagging behind Singapore, Hong Kong and China.

Topping the WEF report is the United States, followed by Switzerland, Denmark, Sweden, Germany, Finland, Singapore, Japan, the United Kingdom, and the Netherlands, in that order.