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Taiwan News | NDC projects Taiwan’s economy to grow by 4 per cent in 2021

Taiwan could boost economic growth by seizing opportunities in global supply chain restructuring

By Ching-Tse Cheng, Taiwan News, Staff Writer

TAIPEI (Taiwan News) — The National Development Council (NDC) has expressed optimism about Taiwan’s economic prospects in the next 12 months, projecting its economy to grow by 4 percent.

The NDC said Wednesday (Feb. 17) that the global economy will likely rebound in the second half of 2021 following a general rollout of coronavirus vaccines in most countries. International financial institutions, such as the International Monetary Fund (IMF), HIS Markit Ltd., and the Organization for Economic Co-operation and Development (OECD), are expecting explosive growth for businesses worldwide, it said.

Although the Cabinet-level Directorate General of Budget, Accounting and Statistics (DGBAS) has forecast Taiwan’s economy to grow by 3.83 percent in 2021, the NDC said many international organizations have predicted more than 4 percent growth. It said this could be achieved if the country seizes opportunities presented by the restructuring of the global supply chain.

The NDC said Taiwan must enhance industrial upgrading and attract more investment from the private sector for its economy to exceed 4 percent annual growth. It mentioned that the government has been promoting projects that encourage foreign and overseas Taiwanese businesses to invest.

Meanwhile, the NDC said it has expanded its business angel investment program from NT$2 billion to NT$5 billion (US$179 million) to create greater support for entrepreneurs in the country. Since there are still uncertainties about the efficacy of coronavirus vaccines and major countries’ policies, further observation is needed to ensure Taiwan’s steady economic growth, CNA cited it as saying.

Content Credit: Taiwan News