Taiwan’s economic growth is expected to be driven by rising domestic demand in the face of uncertain international conditions, according to Premier Su Tseng-chang Jan. 30.
 
All relevant agencies and ministries are directed to swiftly respond to medium- and long-term challenges related to African swine fever, U.S.-China trade war and the risk of an outbreak of pneumonia stemming from the new coronavirus, Su said.
 
No stone will be left unturned in ensuring more Taiwan-based firms boost inbound investment and relocate operations home from China, Su said, adding that the economy remains resilient due to effectiveness of related government policies.
 
Su made the remarks during a 2020 economic outlook briefing by the Cabinet-level National Development Council.
 
According to the latest data from the Directorate General of Budget, Accounting and Statistics, Taiwan’s economy expanded 3.38 percent in Q4 2019, representing four consecutive quarters of growth and a near six-quarter record.
 
Su said this healthy state of affairs is mirrored by the raising of Taiwan’s 2019 economic growth projection to 2.73 percent—a trend indicating the effectiveness of government policymaking and four years of efforts to transform the country’s economy. (TYT-E)
 
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