Taiwan’s GDP forecast to hit 2.71% in 2020, 4.24% in 2021

Focus Taiwan
Date: 12/16/2020
By: Pan Tzu-yu and Elizabeth Hsu

CNA file photo

Taipei, Dec. 16 (CNA) Despite the global economic impact of the COVID-19 pandemic, Taiwan has maintained robust economic growth, with real GDP growing 3.92 percent year-on-year in the third quarter of the year and growth expected to hit 2.71 percent for 2020, according to Academia Sinica.

The top academic research institution in Taiwan released its economic forecast on Wednesday, in which it attributed economic growth to "the united efforts and actions of the government and the people to fight and control the pandemic."

Referring to Taiwan as a "shining pearl in the countercurrent of the pandemic," the institution further projected that Taiwan will see annual GDP growth rate of 4.24 percent in 2021, when the global economy is expected to recover, following recent progress in the development and rollout of vaccines for the virus.

"Revival of foreign trade and robust investment growth will continue to sustain Taiwan's solid economic growth in 2021," Academia Sinica said.    [FULL  STORY]

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