TAIPEI (Taiwan News) – Taiwan’s economy grew by an average of 3.15% per year during the past eight years when Tsai Ing-wen (蔡英文) was president, outperforming the three other “Little Dragons,” the government said Thursday (May 16).

The figures were included in an end-of-term report presented by the Cabinet at its final weekly meeting Thursday morning before resigning. On Monday (May 20), Lai Ching-te (賴清德) will be sworn in, as will a new Cabinet headed by Premier Cho Jung-tai (卓榮泰).

In another achievement, Taiwan’s production of recycled energy has surged by 110% since 2016, per CNA. Furthermore, improvement of the investment climate, promotion of high tech, and a surge in exports has resulted in Taiwan’s gross domestic product (GDP) growing faster than that of rival regional economies Hong Kong, South Korea, and Singapore.

The public has been able to benefit from the country’s growing economy, as the basic monthly wage has risen over the same period from NT$20,008 (US$623.25) to NT$27,470, and the minimum hourly wage from NT$120 to NT$183, the Cabinet said. 

Also, the salaries of military personnel, teachers, and civil servants have been adjusted three times, recording a total increase of 11.4%.

The construction of social housing, subsidies for renting a home, and measures to help alleviate mortgages had reduced the pressure on families with lower incomes, according to the government.