Industrial and social restructuring, infrastructure spending to boost domestic economy
Jan 04, 2017GeneralComments Off on Industrial and social restructuring, infrastructure spending to boost domestic economy
Premier Lin Chuan today reiterated that the government will seek to sustain long-term economic development by transforming industrial and social structures, and evaluating current infrastructure investments with an eye to expanding those investments. He urged ministries and government agencies to work together to fast-track programs aimed at transforming the nation's economic structure and expanding infrastructure investments so that Taiwan can use the current economic recovery to spur short and long-term economic growth.
After a briefing at today's Cabinet meeting by the National Development Council (NDC) on current economic conditions, Premier Lin said the global economy is showing signs of recovery, while the domestic economy is also rebounding at a steady pace. During an economic downturn there is insufficient momentum for long-term reforms, he said, so it is crucial that the government take the opportunity to promote economic stimulus measures, reforms and other related measures.
The NDC said major international economic forecasters have predicted that in 2017 the global economy will grow by 2.8 percent to 3.4 percent over last year, and that governments worldwide will replace monetary policies with fiscal policies to stimulate their economies. In addition, U.S. president-elect Donald Trump's trade and economic policies may lead to a wave of trade protectionism, influence current international political and economic dynamics, and foster new developments in alliances and partnerships, the NDC added.
According to the Executive Yuan's Directorate-General of Budget, Accounting and Statistics, Taiwan's economy is expected to grow 1.87 percent in 2017, better than the 1.35 percent growth rate for 2016, thanks to improving exports due to the global economic recovery. In addition, the government will actively expedite structural reforms and expand infrastructure investments to create new momentum for the domestic economy.