TAIPEI (TVBS News) — Taiwan's economy will grow by over 4% in 2024, driven by the impact of artificial intelligence (AI), according to the Minister of National Development Council's (NDC, 國家發展委員會) anticipation.
NDC Minister Liu Chin-ching (劉鏡清) addressed the Economics Committee (立法院經濟委員會) on Thursday (Nov. 21) and discussed Taiwan's economic outlook amid global uncertainties. Liu projected the economy to grow over 3% in 2025, emphasizing potential benefits from U.S. trade policies under President-elect Donald Trump.
He noted that increasing tariffs on Chinese imports to 60% might redirect orders to Taiwan. Liu stated that the U.S. is becoming increasingly hawkish towards China, and measures like technology bans will encourage stronger U.S.-Taiwan tech cooperation, benefiting Taiwan overall.
However, Liu acknowledged uncertainties, including fluctuations in Taiwan's trade volume and potential U.S. 10% tariff sanctions on other countries. He has discussed these concerns with Economic Minister J. W. Kuo (郭智輝). Kuomintang (KMT, 國民黨) Legislator Yang Chiung-ying (楊瓊瓔) inquired about TSMC's (台積電) plans to build factories in Taiwan over the next decade. Liu responded that the semiconductor industry needs 6,000 additional workers annually.
While Liu assured that the current supply of semiconductor talent is sufficient, he warned of potential impacts on other industries and plans to consult relevant ministries. He also mentioned that the Act for the Recruitment and Employment of Foreign Professionals (外國專業人才延攬及僱用法) has been in effect since 2018, with discussions to amend the law now complete. The aim is to attract more talent.