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미래전략 연구소2020-08-05T16:50:09+09:00

Taiwan 2020 Taiwan's GDP remain positive despite COVID-19

Date
2020-07-29 11:36
Taiwan's GDP remain positive despite COVID-19

 

Taiwan’s top think tank said on Wednesday (July 22) that due to the government’s “triple stimulus warrant” policy for COVID-19, Taiwan’s expected gross domestic product (GDP) may be adjusted for the first time.

 

This unprecedented revision allowed Taiwan’s economy to grow by 1.77% in 2020, compared to the 1.03% growth rate predicted by Chung-hua Institute of Economic Research (CIER) in April 2020. The new data released is the first upward revision of a Taiwanese think tank since the outbreak of the pandemic, which is contrary to previous international forecasts of negative growth.

 

CIER said that even without the government's campaign to stimulate domestic demand through a series of coupons, the economy will still grow by 1.33% this year. In other words, according to the CNA report, "triple stimulus coupons" and related coupons promoting sports and art will bring an additional increase of 0.44%.

 

CIER sees two opposite changes in the economy. The worsening of the overseas pandemic threatens Taiwan’s export performance, while the domestic virus slowdown and government stimulus measures are boosting the domestic market.

 

Before the pandemic appeared earlier this year, economists had predicted that Taiwan’s economy would grow by at least 2%, and Taiwanese investors would return from China in an attempt to avoid the adverse effects of U.S. tariffs on Chinese-produced goods.