With 23.7 million inhabitants, Taiwan is among the most densely populated countries, and is the most populous country in East Asia. Taiwan has been a prototype for fast economic growth, modernization and digitalization during the last two decades and it holds a strong position in the world economy. Becoming the seventh largest in Asia and 20th-largest in the world by purchasing power parity. It has a developed capitalist economy with most government firms being privatized and family owned businesses. Besides that, Taiwan is characterized by a high level of international trade, reputation for strong financial institutions and solid policy that have given it a strong sovereign bond rating in East Asia (AA-/Stable/A-1+). Exports of goods and services account for approximately one-third of total GDP, with technologically advanced electronics manufacturing as the primary drivers.