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Taiwan’s economy is doing fine despite coronavirus pandemic: FSC

Stock market index reached 30-year high during Wednesday session

CNA archive photo of FSC Minister Huang Tien-mu 

CNA archive photo of FSC Minister Huang Tien-mu 

TAIPEI (Taiwan News) — Taiwan’s economy has been doing relatively fine despite the onslaught of the Wuhan coronavirus (COVID-19) pandemic, Financial Supervisory Commission (FSC) Minister Huang Tien-mu (黃天牧) said Wednesday (July 15).

The minister was speaking at a seminar hours after Taiwan’s main stock market index reached a 30-year high before falling back, Liberty Times reported.

According to Huang, the stock movements were not just the result of financial policies, but also of the fact that the fundamental elements of Taiwan’s economy are still sound. While a large part of the world faced a severe contraction of economic growth with rising unemployment, the country has been relatively unaffected, he said.

Forecasts for GDP growth have been cautiously optimistic, averaging about 1 percent for the full year, while many other countries in Asia and elsewhere expect to see their economies shrink.

Nevertheless, the FSC chief advised investors not to get carried away with the current stock rally, as they always should consider the potential risk of investment decisions.