The Asian Development Bank (ADB) predicts an economic growth of 3.7% in Taiwan this year and 3.6% in 2016. The ADB report released Tuesday said the positive growth is due to external demand for electronics and rising tourism services.
The report’s predicted growth for Taiwan’s economy in 2015 is the strongest rise in three years. It is higher than 2.8% predicted for Hong Kong and 3.5% for South Korea.
Taiwan’s exports and tourism have a positive outlook as well. Taiwan’s export orders increased by 8.1% in January, with orders from the US and Europe surpassing those from China and Southeast Asian countries.
Taiwan's consumer confidence has been on the rise since October 2014. That’s because unemployment has gone down and real wages are expected to rise due to a planned increase in the minimum wage by mid-2015.