The Asian Development Bank has ranked Taiwan No. 3 in the region regarding labor productivity in services, according to the ROC Council for Economic Planning and Development Oct. 18.
In the ADB’s “Asian Development Outlook 2012 Update,” Hong Kong and Singapore took the top two places, exceeding the Organisation for Economic Co-operation and Development average of US$50,000 in service output per worker annually, while Taiwan is approaching that figure at US$45,000, the CEPD said.
South Korea, rated No. 4, “has failed to achieve services labor productivity even half that of the OECD,” the ADB report noted.
The study showed that the service sector in developing Asian countries accounted for 48.5 percent of regional output in 2010, up from 45.2 percent in 1990. “Compared to advanced nations whose service industry takes up 70 percent of gross domestic product, the sector in Asia has room for development,” the CEPD said.
The council stressed that Taiwan has long played a crucial role in economics, trade and the industrial division of labor in the Asia-Pacific region. “To further boost our competitiveness in service sector productivity, we should leverage our leading position in information and communications technology and integrate with services, thus seizing business opportunities throughout the region.” (THN)
Write to Grace Kuo at mlkuo@mofa.gov.tw
SOURCE / Taiwan Today