A major Taiwanese research institution says Taiwan’s manufacturing output will grow by 6.04% in 2022, despite significant challenges. At the same time, the output’s total value will reach NT$25.8 trillion (US$870 billion).
These numbers come from the latest report from the Industrial Technology Research Institute. The document includes the most recent official data on global manufacturing production.
Revenue in Taiwan’s ICT and electronics industry is expected to show a strong annual growth rate of 9.28%. That is thanks to hopes that Taiwan will open its borders in the second half of 2022 as the island shifts to co-existing with COVID-19.
Institute researcher Chen Jiaying says growth is steady and industrial prospects are good, but the future is also unpredictable. She says industry players should pay attention to a number of factors to be better prepared for future shocks. These include labor shortages, supply chain challenges, climate events, and ongoing risks related to the COVID pandemic and geopolitical tensions.