Editor's note: The Outlook series spotlights a country to give a deeper understanding of the business, industry and consumer trends that fuel its economy. While exploring the current challenges and opportunities facing a country's economic progress, Outlook also seeks to provide an insight into its future development.

(CNN) The phrase "Taiwan miracle" was coined to refer to the island's remarkable economic growth over the last past five decades. Having become a developed economy in just half a century, Taiwan is now facing the challenge of maintaining its position in an increasingly tough global economic climate. FULL POST