Premier Mao Chi-kuo says that the Cabinet has implemented plans to ensure that Taiwan’s GDP growth reaches above 1% this year. Mao’s remarks come one day after director of the government statistics office said that it will be difficult for Taiwan to maintain GDP growth of 1%.
Mao told a legislative hearing Friday that exports account for 60% of Taiwan’s total GDP and that international markets have a significant impact on Taiwan’s economic performance.
Mao spoke about what the government will do to improve the economy.
"We are now in the toughest of times, where we need to transform our industries. But it is not a quick shot," Mao said. "It will take time [for the economy to pick up.] However, we must use this opportunity to transform our industries so that they will be ready at the starting line when the global economy recovers."