Taiwan rose two places to rank 11th in the 2015 global competitiveness survey released by the Lausanne-based International Institute for Management and Development (IMD), reported United Daily News on May 28. Regarding Asia Pacific economies, Taiwan places third in the ranking, only trailing behind Hong Kong (2nd) and Singapore (3rd). According to IMD, Taiwan climbed to 9th in government efficiency, 11th in economic performance, and 14th in business efficiency. However, the country dropped one spot to 18th in infrastructure due to significant declines in basic and technological infrastructure.