Premier Lin Chuan says that Taiwan’s economy is expected to make a slight rebound next year. His comments came Monday during a report at the legislature about the government’s proposed budget for next year.
Lin said the budget will aim to upgrade traditional industries, improve the public security network, enhance the quality of public construction, reform educational quality, enrich cultural content, and strengthen national security. He said that the budgets for each of these areas will be larger than they were for this year.
Premier Lin said that gradual improvement in the global economy and trade will benefit Taiwan’s exports in the short term. However, a global decrease in demand for mobile devices, coupled with the continued localization of China’s supply chain, will also have an impact on Taiwan’s exports. Lin said there will be limited growth in the domestic market due to stagnant figures for employment and salaries. He said that industries will rely heavily on the government’s investment in innovation to bring in private investment.
“The semiconductor industry will continue to expand high-end production capacity, and along with the government’s active promotion of various programs to benefit creative industries, it will help boost private investment. Overall, the domestic economy is expected to improve slightly," said Lin.
Lin said that the government’s budget expenditures next year will prioritize the promotion of creative industries, as well as education, and long-term care. He said that innovation is a core value which will guide Taiwan’s economic development. Therefore, he said, the government has created the largest budget in recent years for technological development.