Taiwan’s economic growth is predicted to remain steady at 3.29 percent this year, driven by strong demand for artificial intelligence (AI) and other emergent technologies, the National Development Council (NDC) said today in its report on the year’s economic trends at the Executive Yuan.
The global economy is to see steady growth this year, despite changes to US trade policies, geopolitical tensions, an economic slowdown in China and extreme weather phenomena, the report said.
Taiwan’s economy is resilient, and the rapid expansion of new technologies such as AI would help to boost exports and drive investment, it said.
Photo: Reuters
Domestic private consumption would continue to steadily increase due to a stable domestic job market, as well as salary increases for military personnel, civil servants and teachers and a rise in the minimum wage, the report said.
Increased profits would also incentivize businesses to pay higher salaries and award more bonuses, increasing domestic purchasing power, it added.
Exports are also set to grow amid a rebound in global trade and Taiwan’s domestic supply chains advantages, while business opportunities are growing due to AI and high-performance computing, it added.
In terms of domestic investment, semiconductor production is boosting domestic manufacturing processes, production capacity, and high-end packaging and testing capacity, attracting international manufacturers to establish research and development and data centers in Taiwan, it said.
As businesses are moving toward net-zero carbon emissions and digital transformation, investment is continuing to grow and would be key to this year’s estimated economic growth, it said.
To mitigate external factors destabilizing the economy, the government continues to closely monitor global economic and political shifts and work to strengthen the Taiwan-US trade partnership, it added.
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