The unemployment rate in Taiwan fell to a seven-year low in 2014. According to data released by the government statistics office on Thursday, the jobless rate in 2014 was 3.96%. This is the first time in seven years that Taiwan’s jobless rate has fallen under 4%.
An official with the statistics office, Lo Yi-ling, explained why the jobless rate fell.
"Taiwan’s economy has been steadily improving, and both the number of employed people and the labor participation rate have increased, so the job market is stabilizing," Lo said. "The unemployment rate fell every month after summer vacation. [The December] jobless rate was 3.79%, the lowest level for any December in the last 14 years"
The statistics office said it forecasts that Taiwan’s jobless rate will continue to fall this year.
Meanwhile, the office released the latest jobless figures from other countries: 3.5% in Japan, 3.4% in South Korea, and 2.0% in Singapore. This shows that Taiwan’s unemployment rate is still higher than its Asian peers.