TAIPEI (Taiwan News) — Taiwan's per capita GDP is expected to reach the US$40,000 (NT$1.25 million) target ahead of schedule in 2026, Premier Cho Jung-tai (卓榮泰) said on Wednesday.

Cho said that despite major disruptions, including US tariffs, typhoons, the Mataian River floods, and African swine fever, Taiwan’s economic growth reached 5.45%, 8.01%, and 7.64%, respectively, in the first three quarters. He said full-year growth is conservatively estimated at 4.45%, per CNA. 

Coupled with last year’s 4.8%, he said Taiwan is not only on track to exceed an average growth rate of 3% before 2028, but likely to surpass it. He added that per capita GDP has reached US$38,066 this year, up from last year’s US$34,040, and that Taiwan is likely to hit the US$40,000 goal earlier than planned next year.

Cho also said that the unemployment rate has dropped from 3.38% last year to 3.36% this year. The Ministry of Labor continues to roll out support programs aimed at keeping unemployment below 3%. 

Although last year’s Consumer Price Index of 2.18% was slightly high, this year’s figure is expected to fall to 1.76%. It is hoped that the figure will remain below 2% before 2028.

Cho pointed out that according to the 2025 IMD World Competitiveness Rankings, Taiwan ranked first among economies with populations over 20 million for the fifth consecutive year. Taiwan set a new monthly export record in October, surpassing NT$1.88 trillion, and exports for the first ten months are expected to reach NT$16.13 trillion, a 32% year-over-year increase.

Regarding next year’s policy priorities, Cho said the government will advance initiatives such as the Ten AI Initiatives Promotion Plan. The Ministry of Labor, while prioritizing the protection of domestic workers and the rights of foreign labor, has proposed a transnational workforce enhancement plan to provide manpower for industrial development.