A recent IMF report estimates that Taiwan’s GDP will grow by 3.3% this year to over US$35,000 per capita. That would make it the highest in East Asia, including larger than both South Korea and Japan’s GDP per capita in US dollar terms. Chief statistician Chu Tzer-Ming said at the legislature on Wednesday that there are two reasons for this new milestone.
Chu says Taiwan’s economy has seen healthy growth this year, while South Korea and Japan’s are stagnating as the global economy faces difficulties. Chu adds Taiwan’s currency has better maintained its value in dollar terms when compared to other countries, meaning its GDP will be higher when measured in US dollars. The minister says both of these factors are a result of Taiwan’s hard work.
Deputy Finance Minister Li Ching-hua says Taiwan’s consistent and strong economic growth over the past years has increased wages and work opportunities. She says this trend is likely to continue.
Taiwan’s economy grew by over 6% last year off of a large increase in international demand for semiconductors and other intermediate goods.