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Random information on the term “TIER”:
The economy of Taiwan is a developed capitalist economy that ranks as the seventh largest in Asia and 22nd-largest in the world by purchasing power parity (PPP). It is included in the advanced economies group by the International Monetary Fund and gauged in the high-income economies group by the World Bank. Taiwan is the most technologically advanced computer microchip maker in the world.
As of 2018, telecommunication, financial services and utility services are three highest individuals paid sectors in Taiwan. The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index (GEI) for specific strengths. Most large government-owned banks and industrial firms have been privatized, and now family owned businesses are the streamlined economic factors in Taiwan. With the technocracy-centered economic planning under martial law until 1987, real growth in GDP has averaged about 8% during the past three decades. Exports have grown even faster and since World War II, have provided the primary impetus for industrialization. Inflation and unemployment are low; the trade surplus is substantial; and foreign reserves are the world’s fourth largest. Agriculture contributes 3% to GDP, down from 35% in 1952, and the service sector makes up 73% of the economy. Traditional labor-intensive industries are steadily being moved off-shore and replaced with more capital- and technology-intensive industries in the pre-mature stage of the manufacturing industry in the global economic competitions on labor cost (key performance indicator), automation (industry 4.0), product design realization (prototype), technology commercialization (innovation with knowledge/practical stickiness), scientific materialization (patent), scientific discovery (scientific findings from empirical scientific method), and growing from the over-reliance from the original equipment manufacturer and original design manufacturer models, in which there is no single University from Taiwan entering Reuter’s Global Top Innovative 100 University ranking, and the economy of Taiwan may need international collaboration on University, Research and Industrial cooperation on spin-off opportunities. Economy of Taiwan is an indispensable partner in the Global Value Chains of Electronics Industry. Electronic components and personal computer are two areas of international strength of Taiwan’s Information Technology industry, which means the economy of Taiwan has the competitive edge on having the learning curve from advanced foreign technologies with lower cost to be produced and sold abroad. Institute for Information Industry with its international recognitions is responsible for the development of IT industry and ICT industry in Taiwan. Industrial Technology Research Institute with its global partners is the advanced research center for applied technology for the economy of Taiwan. Directorate-General of Budget, Accounting and Statistics and Ministry of Economic Affairs release major economic indicators of the economy of Taiwan. Chung-Hua Institution for Economic Research provides economic forecast at the forefront for the economy of Taiwan and authoritatively researches on the bilateral economic relations with ASEAN by The Taiwan ASEAN Studies Center (TASC). Taiwan Stock Exchange is the host to the listed companies of local industries in Taiwan with weighted financial exposures to the FTSE Taiwan Index and MSCI Taiwan Index.