TAIPEI (Taiwan News) — Taiwan still has a chance to reach 10% economic growth this year after the government raised its forecast to 9.64%, Economics Minister Kung Ming-hsin (龔明鑫) said Wednesday.
Speaking at a committee meeting, DPP Legislator Lai Jui-lung (賴瑞隆) asked whether Taiwan’s economy could grow by 10% this year, as some financial institutions have predicted. Kung said the Directorate-General of Budget, Accounting and Statistics, the government statistics agency, had raised its forecast for Taiwan’s economic growth to 9.64%.
Kung said the chance of reaching 10% “exists” because some industries are doing better than last year. He said machinery exports grew by double digits in the first five months, beating expectations, CNA reported.
Kung said the government is also supporting traditional industries, small businesses, and microenterprises. He said this includes NT$46 billion (US$1.5 billion) in special budget support and more than NT$10 billion each year for small- and medium-sized businesses.
Kung also cited President Lai Ching-te’s (賴清德) NT$100 billion plan to help small, micro, and traditional industries recover faster. He said the government would continue guiding businesses as they upgrade and adjust to market changes.
Lawmakers also questioned Kung on energy security amid tensions in the Middle East. Kung said Taiwan’s oil supply would remain stable this year.
Kung said oil prices had become more predictable after tensions between the US and Iran eased. He said prices appeared to be moving lower, and the government would reflect that trend when appropriate.
