Deputy National Development Council Minister Kao Shien-quey says that both domestic and foreign forecasters predict that Taiwan’s economy could grow between 3.2% and 4.2% next year.
Kao was speaking Thursday during a press conference just after delivering a report on Taiwan’s economic growth and prospects to the Cabinet.
Kao says that the government’s timely stimulus and relief programs, designed to limit the impact of the COVID-19 pandemic on Taiwan’s economy, had been a success.
Kao said that Taiwan’s food service and retail sectors saw positive growth during the third quarter of this year, while Taiwan’s industrial sector and its exports have noticeably picked up from earlier in the year. Kao also said that Taiwan’s economic indicators have shown a good, stable economy for the past two consecutive months.
Meanwhile, Kao said that Taiwan’s unemployment figures are lower than those of many other countries, while its economic growth rate is higher.
Kao said that there is reason to be concerned about the impact the COVID-19 pandemic has had on Europe. However, she said that a low base of comparison this year, a good outlook for exports, and strong consumer spending and investment are all reasons to be optimistic about Taiwan’s growth next year all the same. She also said that there is hope for a COVID-19 vaccine next year, which will help bring the rest of the world’s economy back up.