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HomeBusinessEconomyTaiwan sets 2021 economic growth target at 9-year high of 4.2 percent

Taiwan sets 2021 economic growth target at 9-year high of 4.2 percent

By Matthew Strong

TAIPEI (Taiwan News) — The economy could grow in 2021 by up to 4.2 percent, a nine-year, high despite the coronavirus (COVID-19) pandemic, the Cabinet-level National Development Council (NDC) predicted Monday, December 28.

A combination of a global post-pandemic recovery, surging domestic demand, and the continuation of national investment programs would likely help Gross Domestic Product (GDP) to grow by a range from 3.8 percent to 4.2 percent, the NDC said.

If the pandemic were to be gone next summer, “revenge travel” and “revenge consumption” could emerge as two trends fueling a rapid economic recovery, with commercial activities experiencing rapid growth, according to a report by the China Times. The NDC named economic activities such as wind energy, advanced semiconductor technology, social housing, and the rebuilding of supply chains as providing the necessary boost to a growing economy.

Risks that could still persist are the difficult trading relationship between the United States and China, unstable exchange rates, and a continuation of the pandemic, the NDC said.

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