Tango-Tiger

Taiwan raises 2021 economic view as Q4 growth jumps



Taiwan's economy will grow at its fastest pace in seven years in 2021, the statistics office said, upgrading its economic
outlook as a strong rebound in exports and demand for chips helps the island shake off the blow from the coronavirus
crisis.

Gross domestic product is expected to expand 4.64 per cent this year, the Directorate General of Budget, Accounting
and Statistics said on Saturday (Feb 20), up from a forecast made in November for 3.83 per cent growth,
which would also have been its fastest since 2014.

The revision came as the statistics office roughly doubled its export growth forecast for this year, with global demand
for the island's technology products buoyed by a work-from-home boom during the COVID-19 pandemic.

GDP rose by a revised 5.09 per cent in the fourth quarter from a year earlier, the strongest quarterly growth in
a decade and up from a preliminary reading of 4.94 per cent, the agency added, as Taiwan's economy performed
better than many regional peers.

It also revised up GDP for last year to 3.11 per cent, from an initial 2.98 per cent, the first time Taiwan grew faster
than its giant neighbour and largest trading partner China in a full-year since 1990.

The agency said the COVID-19 pandemic has brought strong global demand for electronics, thanks to the growing
need for people to work and study from home to reduce the risk of COVID-19 infections.

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