Taiwan Council of Economic Research raised its forecast for Taiwan’s 2010 economic growth to 8.91, on 9 November. The GDP surge is due to several factors including modest recovery of the global economy, and the expansion of new economies in Asia, where Taiwan rely on as export markets to recover its GDP to the level before the global economic crisis.
Taiwan Council of Economic Research raised its forecast for Taiwan’s 2010 economic growth to 8.91, on 9 November. The GDP surge is due to several factors including modest recovery of the global economy, and the expansion of new economies in Asia, where Taiwan rely on as export markets to recover its GDP to the level before the global economic crisis.
Mr. Hong Ter Soeng, Director of Taiwan Institute of Economic Research said that GPD growth in Taiwan would steadily go up to 8.91 % from the 6% rate predicted in July. It will remain at 8.91% throughout 2010. When look at retail business and food & beverage businesses during January-October, they grew much faster than expected. As for private investment, it is expected to increase 19.37% or 20%. In reality, it is likely to increase to 25.1%. Meanwhile, unemployment has also improved. General labours wage rate has also adjusted to increase. All these factors contribute to an improvement of consumer confidence. It is expected that 2011 consumption rate will be somewhere between 2.74% and 3.55%.
As for export, according to Ministry of Finance of Taiwan’ statistic, it specifies that during January-October 2010 Taiwan net total export is at $220,000 millions, a historical record high. Meanwhile its net total import is at $200,000 millions, breaking its own record high as well. Top Taiwanese export products are electronic products, chemicals, plastic products, and loading dock equipments. Hong Kong and China still remain as Taiwan two largest export markets, which share 42% of total Taiwanese exports. Meanwhile, ASEAN represent 15.1% of total Taiwanese export.
