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Taiwan to become world’s 20th largest economy by 2026

Commentator says Taiwan already reached No. 21 last year

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Taiwan will have the 20th largest economy by 2026, but one commentator says it might have already reached that status. 

Taiwan will have the 20th largest economy by 2026, but one commentator says it might have already reached that status.  (CNA photo)

TAIPEI (Taiwan News) — Taiwan was poised to join the ranks of the world’s 20 largest economies by 2026, but the move was not as significant as might appear at first sight, a prominent financial commentator said Wednesday (Dec. 29).

The London-based Centre for Business and Economic Research (CEBR) made predictions for 2026 listing Taiwan at No. 20, but the country was already No. 21 last year with a Gross Domestic Product valued at US$668.51 billion (NT$18.48 trillion), according to publisher and commentator Hsieh Chin-ho (謝金河).

As a result, he said a move from No. 21 to No. 20 in the space of six years did not amount to a sign of major progress, the China Times reported. In fact, Taiwan might even enter the top-20 once the data for 2021 were compiled, as the country just ahead on the list, Turkey, had seen a strong devaluation of its currency, the lira, making it likely to be overtaken by Taiwan, he said.

Hsieh noted how the CEBR list had changed thoroughly over the years, with Japan losing its No. 2 position to China, which in 1985 was still ranked No. 9. In contrast, over two decades of government by Vladimir Putin, Russia had been unable to record progress, he said. Last year, Russia’s GDP of US$1.47 trillion had fallen behind South Korea’s US$1.63 trillion, making it drop out of the CEBR top-10.

Hsieh said Taiwan should continue its effort to gain recognition worthy of its position as the world’s 20th largest economy.