A COVID-19 outbreak that started in mid-May has hit Taiwan’s economy hard. But now that authorities say they have the virus under control, the government is mulling over plans to stimulate the economy.
Bumper cars, boats, carousels, and roller coasters. It’s been two months since any of these attractions were put to good use. That’s because a COVID-19 outbreak beginning in mid-May brought Taiwan’s entertainment sector to a grinding halt. The entertainment industry wasn’t the only one hard-hit by COVID-19. Industries across the board are just not having a good time, man.
Last year, Taiwan issued triple stimulus vouchers to kick-start the economy. Now, the Cabinet is mulling “quintuple stimulus vouchers.” The idea is the same as triple stimulus vouchers. People put in a set amount of cash in exchange for vouchers with a much higher value. This time though, instead of tripling their money, people will get five times the amount they put in.
Stimulus vouchers will cost the government a staggering NT$110 billion (US$3.9 billion). Opposition lawmaker Fai Hrong-tai points out that just getting the scheme up and running will cost NT$2.2 billion (US$79 million). He says it’d be much easier if the government just hands out cash. Government lawmaker Hsu Chih-chieh, on the other hand, argues that distributing cash just won’t have the desired effect.
According to the government though, it's looking into more cost-effective and environmentally-friendly alternatives to printing physical vouchers. Whatever form relief comes in, people are looking forward to five times the value, five times the pleasure, and five times the fun.