Taiwan’s tourism and aviation industries are struggling, but most sectors have withstood heavy damage and the government has planned a $2 billion bailout.

The Diplomat
Date: March 06, 2020
By: Nick Aspinwall   

Taiwan, lauded for its response to the coronavirus despite its exclusion from the World Health Organization, is nevertheless bracing for an economic slowdown and planning to bail out its struggling aviation and tourism sectors.

The country, which confirmed its 45th case of COVID-19 on Friday, cut its 2020 economic growth estimate to 2.37 percent last month. On Wednesday, Taiwan’s statistics minister said it will “have no problem” maintaining 2 percent economic growth, helped in part by a planned $2 billion stimulus package, according to Reuters.

That package, approved by the cabinet on February 27, is currently being reviewed by Taiwan’s legislature.

Taiwan is a key cog in the global technology supply chain. The Taiwanese company Foxconn, a major supplier for Apple, said on Tuesday its first quarter revenue would drop 15 percent in sectors affected by production interruptions in China.    [FULL  STORY]