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Taiwan’s rapid PMI growth suggests complete economic recovery

Optimism is growing despite concern about coronavirus pandemic: CIER

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Taiwan's improving PMI figures point at a complete economic recovery, says the CIER 

Taiwan's improving PMI figures point at a complete economic recovery, says the CIER  (CNA photo)

TAIPEI (Taiwan News) — Taiwan’s Purchasing Managers’ Index (PMI) has continued to grow for six straight months, indicating a complete recovery of the economy could be imminent, a leading think tank said Wednesday (Dec. 30).

In the PMI survey, the Chung-Hua Institution for Economic Research (CIER) asked the managers for factual data about output, new orders, pricing, and employment, which gauges the state of the economy more accurately than answers about plans and expectations, according to economists.

The index for December reached 61.3 percent, marking a continuous increase for six months at the fastest pace since March 2017, the Liberty Times reported. Even the sector of electric machinery and related equipment, which suffered under the coronavirus (COVID-19) pandemic, reached 60 percent in the latest survey, a sign of a complete economic recovery, according to the CIER.

While many businesses are still concerned about how the pandemic will play out, overall unease about the virus has fallen dramatically.

A similar index for the non-manufacturing sector has also been rising for seven months, reaching 55 percent in December. The hospitality industry was the only sector to see a decline in confidence, according to the CIER survey.


Updated : 2021-12-06 02:15 GMT+08:00