TAIPEI (TVBS News) — Taiwan's government has dismissed reports of a recession, citing an average annual economic growth rate of 3.4% from 2016 to 2022, surpassing the global average. Despite declining export orders, Taiwan achieved record-breaking exports of $479.4 billion last year and outperformed other Asian economies, according to Executive Yuan spokesperson Lin Tze-luen.
The government remains optimistic, investing in critical industries and expecting an upswing economy in the latter half of the year. Taiwan's average annual economic growth rate of 3.4% from 2016 to 2022 exceeded the global average of 2.9%.
During the pandemic, from 2020 to 2022, Taiwan outperformed the global average even more significantly, averaging economic expansion of over 4% against a global average increase of 2.2%.
In the face of what some reports claim are 13 months of steady industrial production decline — the worst in over 13 years — Lin highlighted an escalating trend of export value over the last three years. Last year alone, Taiwan celebrated a record-breaking US$479.4 billion in exports.
Furthermore, Taiwan's economic status in relation to other Asian players is noteworthy. With a per capita GDP of US$32,643 last year, Taiwan surpassed South Korea, ranking 35th globally and achieving 4th in Asia. Its brisk growth outpaced Singapore, South Korea, Hong Kong, and Japan.
Lin recognized the underwhelming global economic performance in the first half of this year due to inflation and interest rate hikes. Taiwan's exceptional growth has set a high comparative baseline, contributing to disappointing export figures. Nonetheless, the government remains undeterred and continues to stoke Taiwan's economic fires.
Over NT$2 trillion has already been invested in three major local programs, with further growth expected. Fields, including AI, high-performance computing data centers, and automotive electronics, are earmarked for additional support. Plans are in place to facilitate the creation of high-end business opportunities in these industries.
The government anticipates an upswing in the latter half of this year. Fueled by an expected resurgence in export orders and bolstered by steady private consumption, domestic demand will continue to serve as a constant source of support.
Lin is confident that the economy will stabilize and recover moving forward into the year's second half. Taiwan's economic outlook remains positive.