Strong exports to lift Taiwan’s 2021 economy
Taiwan will experience the fastest economic expansion in more than a decade in 2021, the statistics office said on Friday. The office revised its forecast following a recovery in exports of the tech-heavyweight island.
Gross domestic product (GDP) was projected to climb 5.88% this year, the fastest since a 10.25% growth in 2010. The figure was higher than the Directorate General of Budget, Accounting and Statistics’ estimate of 5.46% in June.
An increase in the global demand for technology products resulted in upward revisions in Taiwan’s export growth. This came after the COVID-19 pandemic forced workers and students to purchase smartphones, tablets, and laptops for their work-and-study-from-home setup.
For next year, the office reported a bullish outlook, with GDP expected to hit a more modest 3.69% expansion.
Taiwan is well-positioned to gain from the global economic rebound, particularly if more advanced chip nodes are produced domestically, the office said.