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NDC projects rosy outlook for Taiwan’s economy in 2021

Taiwan is projected to economically outperform most countries in 2021 on the strength of effective government policies and a global recovery as the COVID-19 pandemic comes under control, the National Development Council said Feb. 17.
 
According to the NDC, while the majority of the world was grappling with the fallout of coronavirus over the past year, Taiwan’s success in managing the disease allowed the country to avoid massive lockdowns and keep its economy on the growth track.
 
Additional business opportunities and a restructuring of the global supply chain as a result of the pandemic also created strong momentum for exports and production, the council added.
 
With COVID-19 vaccines being widely administered around the world, the global economy is set for a major rebound in the second half of the year, which is expected to trigger exponential growth in business activities across the board, the NDC said.
 
This development bodes well for Taiwan’s economy, the NDC said, citing forecasts by think tanks from home and abroad predicting the country’s gross domestic product to grow between 3.2 percent and 4.3 percent.
 
On the domestic front, the NDC said the government is continuing to accelerate industrial upgrades through programs such as the six core strategic industries initiative with the aim of shaping Taiwan into a global powerhouse in advanced semiconductor process technologies, high-end manufacturing, high-tech R&D and green energy.
 
At the same time the government is leaving no stone unturned in fast tracking digital transformation, cultivating supply chains for emerging industries and spurring investment to strengthen Taiwan’s key position in the global economy, the agency said
 
Unveiled by President Tsai Ing-wen during her 2020 inauguration and building on the five-plus-two innovative industries program, the six core strategic industries comprise the information and digital technology; cybersecurity; biotech and medical technology; national defense; green and renewable energy; and strategic stockpile industries. (SFC-E)
 
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