Government expects Taiwan to record over 1.8% GDP growth in 2020
The government is optimistic about Taiwan's economic growth this year. The National Development Council says the Taiwan economy could grow by over 1.8% in 2020, thanks to better-than-anticipated export orders and exports in the fourth quarter.
The forecast is higher than the 1.56% estimated by the Directorate General of Budget, Accounting and Statistics.
Council officials point to the 3.33% GDP growth in the third quarter, and the "better than estimated" performance of exports and export orders in the fourth quarter so far.
Ministry of Economic Affairs statistics show that Taiwan received over US$363 billion in export orders for the first three quarters of the year, up 4.2% from the same period in 2019.
The NDC also says that the impact of the newly-signed regional free trade pact, the Regional Comprehensive Economic Partnership, which excludes Taiwan, would not be as great as anticipated in the short run. It says only a limited number of products are to be added to the RCEP list of tariff free items.