Alexa

Premier sets '08 economic growth target at 4.8 percent

Premier sets '08 economic growth target at 4.8 percent

Premier Chang Chun-hsiung (張俊雄) announced yesterday that Taiwan's economic growth target for the coming year would be a brisk 4.8 percent, but acknowledged that many citizens had not perceived the degree of economic progress, due to the impact of rising prices of essential goods.
Speaking at the weekly meeting of the Democratic Progressive Party-led Executive Yuan, Chang related that the official Directorate-General for Budget, Accounting and Statistics had estimated inflation-adjusted gross domestic product expansion for 2007 at 5.46 percent, considerably higher than the initial 4.6 percent target.
Moreover, the premier related that the value of gross private capital investment was forecast to rise 5.07 percent this year to NT$2.67 trillion while two-way trade expanded 24.07 percent to NT$529.4 billion.
"Due to the improvement in the domestic investment environment and continued expansion of merchandise trade, the economy has expanded at a steady and healthy pace," said Chang.
The premier stated that his Cabinet would continue the administrative focus of "great investment and great warmth" and comprehensive policy principles of "boosting investment in Taiwan, putting priority on the care of the disadvantaged, sustainable development of the national lands, forceful sweeping away of corruption and organized crime and expansion of foreign relations."
Chang also said the Cabinet aimed to attain the goals of "boosting investment in Taiwan, creating employment opportunities, narrowing the gap between urban and rural areas and reducing income disparities."
The premier announced that based on a consideration of subjective and objective conditions, the Executive Yuan set the annual economic growth target for next year at 4.8 percent, compared to the DGBAS forecast of 4.53 percent real GDP growth next year.
He also said the government aimed to hold the unemployment rate to no higher than 3.8 percent and the annual rise in the consumer price index to 2.0 percent.
"Since the global economic growth rate faces a slowdown next year, these economic targets are highly challenging, but will fully manifest the active administrative capability and concepts of our team," Chang said.
In addition, the 2008 National Construction Plan submitted by the Council for Economic Planning and Development set next year's target for per capita income at US$18,000 and posited the creation of 180,000 new jobs.
The CEPD plan noted that several key indices had exceeded targets in the 2007 plan in addition to overall economic growth. This included holding CPI price inflation to 1.65 percent compared to the 2 percent target, an increase of 1.8 percent in employment compared to the 1.5 percent targeted rise and a labor participation rate of 58.2 percent compared to the target of 58.0 percent.
However, the annual unemployment rate of 3.9 percent was higher than the target of a maximum 3.8 percent and the forecast US$16,768 per capita income was slightly less than the targeted US$16,886 due to greater than expected depreciation of the New Taiwan dollar against the greenback, even though the per capita income in New Taiwan dollar terms of NT$553,430 was higher than the 2007 target of NT$535,622.


Updated : 2020-12-01 14:26 GMT+08:00