TAIPEI (Taiwan News) — JP Morgan Chief Economist Bruce Kasman said Tuesday (May 26) that Taiwan's economy is relatively stable despite the coronavirus pandemic and will perform better than most countries in the world.
As members of the global community continue to suffer economic devastation wrought by the pandemic, Taiwan has managed to show resilience in its financial market, largely attributed to a 20 percent surge in electronic component exports. According to JP Morgan's latest report on the global outlook, the island nation is expected to see a 0.1 percent growth in its GDP this year and a 3.1 percent economic growth rate in 2021.
During a virtual conference, Kasman pointed out that the Taiwanese economy has suffered rather mildly compared to other countries and will return to normal very soon. He said this was likely the result of the country's early success at containing the coronavirus as well as its advancement in 5G development.
Kasman noted that Taiwan's technology industry has supported its total exports and helped minimize the impact of the ongoing outbreak. He emphasized that no country has been able to match Taiwan's financial performance during the first five months of 2020.
According to Kasman, a global economic recession is inevitable before coronavirus vaccines will have been introduced. He mentioned that the wear and tear to the international economy will likely be "deeper than anything else we have noticed since WWII" and that some governments' austerity measures may result in a prolonged downturn, reported CNA.
JP Morgan Chief Economist Bruce Kasman (CNA photo)