TAIPEI (Taiwan News) — In order to counter the impact of the COVID-19 pandemic on domestic consumption, the government should issue stimulus vouchers as soon as possible — and the higher their value, the better — Academia Sinica’s Institute of Economics said Wednesday (July 28).

Taiwan’s COVID alert dropped from Level 3 to 2 on Tuesday (July 27), but many areas, including Taipei and New Taipei City, continue to ban indoor dining, and private consumption is expected to take some time to recover.

During previous periods of sluggish economic activity, Taiwanese administrations have issued stimulus vouchers for the public to use at local businesses, from restaurants to clothing stores.

In its latest economic forecast, the Institute of Economics at the country's leading academic body called on the government to hurry up and issue new vouchers as soon as possible, UDN reported. If the financial situation allows, the government should also increase the value of the vouchers compared to last year’s campaign, the economists said.

Each set of the 2020 “Triple Stimulus Vouchers” was worth NT$3,000 (US$107) and had to be purchased for the price of NT$1,000. Academia Sinica did call that campaign successful, however, as the vouchers had to be spent by the end of the year.