Taiwan's economy grew 2.98% in 2020, beating a November forecast because of strong electronics and information technology exports in the fourth quarter, according to an advance estimate by Taiwan's statistics bureau, the Directorate General of Budget Accounting and Statistics (DGBAS).
ECCT directors give their predictions for the year ahead and what trends to watch
By Duncan Levine
Taiwan's Gross Domestic Product (GDP) increased by 3.92% year-on-year in the third quarter of 2020 (3Q20), according to a report by the Directorate General of Budget Accounting and Statistics (DGBAS).
The annual report, produced by Michael Page in association with the ECCT, was released at a Premium Event lunch. A summary of the report’s highlights was presented at the lunch by the guest speakers. After the lunch the report was released to the media at a press conference.
Taiwan's industrial production increased for the eleventh consecutive month by 9.9% in December and 6.8% for the full year, according to a report by the Ministry of Economic Affairs (MOEA).
7% of Taiwan's labourers say they were either laid off or suffered reductions in payments due to the impact of coronavirus last year, according to the Ministry of Labour (MOL).
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 ECCT's Low Carbon Initiative cooperated with CommonWealth Magazine to arrange the full-day forum, which was recorded live for broadcast later.
The average number of people employed in the industrial and service sectors in Taiwan fell in 2020 for the first time in 11 years because of the economic disruption caused by the global Covid-19 pandemic, according to Taiwan's statistics bureau.
A ban on the use of disposable tableware at restaurants and food courts in shopping malls will take effect in 10 municipalities in Taiwan next year, the Environmental Protection Administration (EPA) said.
The Chung-Hua Institution for Economic Research (CIER) has cut its forecast for Taiwan's gross domestic product (GDP) for 2020 to 1.03% to account for the impact of the coronavirus pandemic.
At the event co-hosted with ICRT, guest panellists discussed the outlook for the forthcoming presidential and legislative elections on January 2020.
Taiwan's Directorate General of Budget, Accounting & Statistics (DGBAS) has cut its official 2020 forecast for Taiwan's Gross Domestic Product (GDP) by 0.11 percentage points to 1.56%, following lower than expected growth in the first half of 2020.
The International Monetary Fund (IMF) raised its forecast for Taiwan's gross domestic product (GDP) for 2020, on the grounds that Taiwan is performing better than most other countries at dealing with the health and economic impact of the Covid-19 pandemic.
One of the world's biggest computer and technology trade shows - Computex - has been cancelled amid fears over the continuing spread of Covid-19 in other parts of the world.
The ECCT was the co-organiser of the three-day 2020 Global Offshore Wind Summit Taiwan - Virtual together with the Global Wind Energy Council (GWEC).
The ECCT hosted the 2020 ECCT EU-Taiwan telecom forum for the sixth time since 2009 with the theme of “5G - Opportunities and challenges in the new decade”.
Tsai Ing-wen wins second term
Taiwan's President Tsai Ing-wen has secured a second term after sweeping to victory in an election dominated by the island's relationship with China. Tsai secured just over 57% of the ballot, which was a record 8.2m votes, well ahead of her rival Han Kuo-yu from the opposition Kuomintang party (KMT).
Taiwan's population fell for the first time on record in 2020.
In December 2020, Taiwan's total exports expanded 12% year-on-year to US$33.00 billion while total imports rose by 0.9% from a year earlier to US$27.24 billion, according to report from the Ministry of Finance, resulting in a trade balance of US$5.76 billion.
Taiwan's Consumer Price Index (CPI) increased by 0.06% in December 2020, compared with the same month in 2019.
The EU has revised down its official growth forecast for 2020 to account for the drop in economic activity from the coronavirus pandemic.
The European Commission has projected a contraction of 7.4% in GDP activity for the European Union in 2020.
The ECCT's 2020 Position Papers were officially released at a Premium Event lunch.
A copy of the annual publication was officially handed over by ECCT Chairman Giuseppe Izzo to the Taiwan government, represented by Chen Mei-ling, Minister of the National Development Council (NDC). The event was also attended by around 100 guests, including board directors, committee chairpersons, European trade office representatives and other ECCT members. A summary of the main theme and overview were presented at the event by the chairman. Following the lunch, the papers were released to the media at a press conference, which was attended by around 30 journalists from print, television and online media groups.
The ECCT held its Annual General Meeting to elect boards of directors and supervisors for 2021 (see below for full list).
Researchers have found that the mortality rate of pneumonia and influenza in Taiwan dropped to the lowest level in a decade last year.
The ECCT's 2020 Europe Day Dinner was attended by over 600 distinguished guests including President Tsai Ying-wen, Filip Grzegorzewski, Head of the European Union's (EU) European Economic and Trade Office (EETO) in Taiwan, senior government officials and executives from European and Taiwanese companies.