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United Daily News: Reverse vicious cycle of defeatism

United Daily News: Reverse vicious cycle of defeatism

Despite taking various stimulus measures in 2013, the government has obviously failed to boost the country's economy. It appears that the whole of Taiwan is caught up in a vicious cycle of defeatism and weakness, which is reflected in five inter-related phenomena: a downward economic spiral, the crisis-plagued industrial sector, a rising misery index, a helpless government and endless political infighting. This cycle is Taiwan's biggest nightmare and there is a need for the government to significantly adjust its economic policies. First, the government should work to change Taiwan's economic growth model, which relies overly on contract manufacturing and overseas production. The country needs to shift to a new model that gives equal importance to domestic demand and exports and can help boost employment and pay levels. Second, the government must show its determination and fortitude to deal with crises and solve problems faced by the information and communication industry, as well as by the higher education and healthcare sectors. Lastly, the government needs to take bold action to present a new vision for the future to win people's confidence and support so as to reverse the vicious cycle of defeatism. (Editorial abstract -- Dec. 28, 2013) (By Y.F. Low)


Updated : 2021-05-12 08:01 GMT+08:00