Taiwan’s economy to grow by more than 3% in 2021: Think tanks

Academia Sinica says 5% growth possible

Academia Sinica and TRI see a robust recovery for Taiwan in 2021 

Academia Sinica and TRI see a robust recovery for Taiwan in 2021  (CNA photo)

TAIPEI (Taiwan News) — Amid a slow but relatively smooth recovery from the coronavirus (COVID-19) pandemic, Taiwan’s economic growth could reach 3.53 percent or even 4.24 percent in 2021, according to two think tanks' predictions published Wednesday (Dec. 16).

The Taiwan Research Institute (TRI, 台綜院) had the more conservative estimate of 2.52 percent for this year and 3.53 percent for next year, Radio Taiwan International (RTI) reported.

Uncertainty about the speed and the scale of the post-pandemic recovery, the ongoing U.S.-China trade war, and the rise in the value of the New Taiwan dollar were factors that led to this safe prediction, TRI said.

On the other hand, Academia Sinica said the past year was so bad that no matter what, 2021 would be better, with economic growth reaching 4.24 percent or even exceeding five percent.

In July, economists at Academia Sinica had predicted that Taiwan’s GDP would grow by 1.15 percent in 2020, but in their latest report, they more than doubled their estimate to 2.71 percent amid positive performances in national consumption, investment, and exports.

Updated : 2021-03-02 13:18 GMT+08:00