A National Development Council (NDC) forecast released on Monday has predicted that Taiwan’s gross domestic product (GDP) will grow by 4 percent in 2022.
In a statement issued on the first workday after the Lunar New Year holiday, the Cabinet-level NDC predicted solid growth amid booming outbound shipments, a continuing global economic recovery, more resilient supply chains, and the emergence of new technologies.
The council estimates that Taiwan’s exports could reach US$472.1 billion this year, up by 6.14 percent from 2021.
With the COVID-19 situation improving at home, the rollout of stimulus vouchers, and businesses chalking up robust profits, demand for manpower and wages have risen in both the public and private sectors, the NDC said, projecting the private consumption will grow by 5.36 percent this year.
At the same time, strong investment momentum will continue to take hold at home, the NDC added.
An investment program, which was launched in 2019 and approved late last year to be expanded by another three years to 2024, will help lure NT$900 billion (US$32 billion) in overseas Taiwanese capital back to the country and accelerate domestic investment projects that will generate 40,000 job opportunities, according to the agency.
However, several challenges still lie ahead of Taiwan in 2022, such as inflationary pressure, carbon reduction, and the volatility of the COVID-19 pandemic, all issues that Taiwan must properly handle, the NDC said.
Taiwan’s GDP grew by 6.28 percent in 2021 on the back of strong exports, posting the largest growth rate in 11 years, according to an advance estimate released on Jan. 27 by the Directorate General of Budget, Accounting and Statistics.
Source: Focus Taiwan News Channel