Taiwan’s economy grew at the fastest pace in over a decade last year, driven by strong tech exports during the COVID-19 pandemic to feed the prevailing work-and-study-from-home trend. The full-year gross domestic product (GDP) growth in 2021 surpassed the previous forecast of 6.1 percent up to 6.3 percent, fueled by a 4.9 percent year-on-year rise in the fourth quarter, according to the preliminary data (pdf) released by the government’s statistics agency on Jan. 27. It turned out to be the strongest result since a 10.3 percent expansion in 2010 after the global financial crisis. The previous year records a 3.1 percent gain. “Robust external demand, our strong industrial position, and the U.S.-China technology dispute have meant some businesses with facilities overseas have moved production back to Taiwan,” senior statistics official Wu Pei-hsuan said at a briefing following the release, Bloomberg reported. As a key hub in the global technology supply …
Taiwan GDP Storms to Decade-High in 2021, Fuelled by Strong Exports
January 27, 2022
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