Taiwan Will Outpace Other Little Dragons in Economic Growth

Taiwan will beat the other three Asian little dragons in economic growth rate from 2012 and widen the lead in subsequent years before scoring 5% growth rate in 2015, reported Christina Liu, minister of the Cabinet-level Economic Planning and Development (CEPD), yesterday (Dec. 15), citing the forecast of the International Monetary Fund (IMF).

Speaking at the central standing committee of the ruling Kuomintang, Liu pointed out that the government will create a “golden decade” for Taiwan, a vision put forward by President Ma Ying-jeou on the second anniversary of his presidency, via massive investments, thereby triggering the takeoff of Taiwan’s economy via the stimulation of both domestic and external demands.

She stressed that what the government is pursuing is a balanced and sustainable economic development, which consists of five major goals, namely economic growth, lower unemployment rate, price stability and sound finance, narrowing wealth gap, and sustainable development.

Liu pointed to the IMF report, released on Oct. 7, which predicts that Taiwan’s economy will grow 4.69% in 2012, compared with 4.21% of South Korea, 4.37% of Singapore, and 4.32% of Hong Kong.

Taiwan’s economy will continue to expand at an even faster pace in subsequent years, at 4.9% in 2013, 4.95% in 2014, and 5% in 2015, while the other three Asian little dragons will see continuous shrinkage in their growth rates during the period, according to the IMF.

 

(by Philip Liu)

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