Taiwan's economic growth rate claws to top of Asia's 4 tigers

Taiwan's economic growth rate this year leaps to top of Asia's 4 tigers for first time in over 10 years

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Four Asian Tigers.

Four Asian Tigers. (By Wikimedia Commons)

TAIPEI (Taiwan News) -- Financial information firm IHS Markit predicts that Taiwan's economic growth rate will lead the pack among Asia's four tigers, for the first time in more than 10 years.

According to London-based IHS Markit, Taiwan's economic growth rate this year will be 2 percent. This economic growth rate will put Taiwan on a path to surpass its rival Asian tigers, including Hong Kong (1.8 percent), South Korea (1.7 percent), and Singapore (1.4 percent), according to the firm.

This is the first time Taiwan has posted the highest economic growth numbers in over 10 years. According to IHS Markit, the global economic growth rate for this year will be 2.8 percent, with the U.S. economy expected to grow by 2.7 percent, while rival China will officially grow at 6.2 percent, though statistics from China are notoriously unreliable.

Although Taiwan's predicted economic growth rate has been reduced by 0.1 percentage point from the firm's previous estimate, it is still comfortably ahead of its three rival Asian tigers. The company's prediction is also slightly less optimistic than Taiwan's Directorate General of Budget, Accounting and Statistics, which predicts a growth rate of 2.27 percent.