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Taiwan’s economy likely grew by 2.54% in 2020 despite coronavirus pandemic

Forecast for 2021 revised slightly downward, but still above 3%

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Taiwan's government has revised its GDP growth forecast for 2020 upward 

Taiwan's government has revised its GDP growth forecast for 2020 upward  (CNA photo)

TAIPEI (Taiwan News) — Despite the Wuhan coronavirus (COVID-19) pandemic shrinking economies around the world, Taiwan’s Gross Domestic Product (GDP) will still be able to grow by 2.54 percent this year, the government predicted Friday (Nov. 27).

The new forecast was almost a full percent higher than the one the Directorate General of Budget, Accounting and Statistics (DGBAS) made in August, CNA reported. At the time, the government department saw Taiwan’s GDP grow by 1.56 percent this year and by 3.92 percent in 2021. The new prediction for next year has been revised slightly downward, to 3.83 percent.

Key elements influencing future economic growth included how fast the world could contain the second wave of coronavirus infections, how fast effective vaccines could be produced, and how soon new lockdown measures could be ended, the DGBAS said.

Surging exports during the third quarter of 2020 helped Taiwan’s economy regain its footing and keep its growth figure above the level of 2 percent despite international forecasts of negative growth during the height of the virus pandemic earlier in the year.