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Taiwan sees economy growing this year at best pace in a decade -Breaking

by Mike Robinson

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© Reuters. An unidentified man is seen working at a stand in Taipei’s market, Taiwan on November 26, 2021, wearing a mask that prevents the spread of coronavirus (COVID-19). REUTERS/Annabelle Chih

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TAIPEI (Reuters – Taiwan’s economy will grow at the fastest rate in more than a ten years in 2021 according to statistics offices. The office upgraded its outlook on Friday based on expected strong exports from the island, which is a major tech hub.

The revision came as the statistics office nudged up its export growth forecast for this year, with global demand for the island’s technology products buoyed by a work-and-study-from-home boom during the COVID-19 pandemic, as workers and students rushed to buy smartphones, tablets and laptops.

The gross domestic product (GDP), which is the highest rate of growth since 10.25% was recorded in 2010, will rise to 6.09% in 2011, according to the Directorate General of Budget, Accounting and Statistics. This figure surpasses the August forecast of 5.88%.

The office forecasts that 2022 will see GDP growth of 4.15%. This is up from the 3.69% in August.

According to the report, exports in 2020 were expected to rise 28.88%, slightly higher than its previous forecast of 28.15%. Next year, it expects exports will increase 6.14% from the previous 5.22%.

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