Economy reaching adulthood: Taiwan president

President Tsai praises wave of investments, 2021 growth forecasts

President Tsai Ing-wen (left) speaking at the DPP headquarters Wednesday 

President Tsai Ing-wen (left) speaking at the DPP headquarters Wednesday 

TAIPEI (Taiwan News) — The prediction that Taiwan’s economy will grow by 3.83 percent next year shows that it will “reach adulthood” following four years of transformation, President Tsai Ing-wen (蔡英文) said Wednesday (Dec. 30).

Government bodies and independent think tanks have made optimistic forecasts about Taiwan’s economy. GDP growth was positive in 2020 and is forecast to increase even faster in 2021, despite most other economies having contracted during the pandemic.

In a meeting, Tsai told her Democratic Progressive Party (DPP) that investments and exports have performed well following stimulus measures, and private consumption is ticking up, with the stock market index reaching new heights, CNA reported.

“Both foreign and Taiwanese businesspeople showed a high level of confidence in the next three years of economic development” in Taiwan, the president said. She added that past successes and positive forecasts are the result of efforts by the country's people.

Since coming to power in 2016, her administration has been on the right track in terms of economic transformation, leading to the largest wave of investments in a decade, Tsai said. More than 760 companies have invested NT$1.1 trillion (US$39 billion) in Taiwan under current government programs.

Updated : 2021-01-18 15:07 GMT+08:00