TAIPEI (Taiwan News) — Taiwan's economy will grow by 5.88% in 2021, its fastest pace in 11 years, the government said Friday (Aug. 13).
The previous forecast by the Directorate General for Budget, Accounting and Statistics (DGBAS), made in June, had pegged Gross Domestic Product (GDP) expansion at 5.46%. However, for 2022, the same government department has proposed a lower figure of 3.69%, CNA reported.
With the COVID-19 pandemic driving international demand for the island nation's electronics products, exports continued their positive performance, DGBAS said. A surge in COVID-19 cases from May to July dampened domestic consumption, but failed to adversely affect the manufacturing and export sectors, according to economists.
The government's latest GDP forecast confirms a trend already predicted by major economic think tanks, most of which saw growth for the year in a range between 5% and 6%.