eseoulpost
InternationalTaiwan
Taiwan's economic growth forecast at 5% over next 5-10 years
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2019.05.16  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   

Taipei, May 15 (CNA) Taiwan's gross domestic product (GDP) growth is likely to hit 5 percent over the next five to 10 years as domestic demand continues to rise, Taiwan Institute of Economic Research (TIER) President Chang Chien-yi  said Wednesday.

On the sidelines of a TIER forum on the economic outlook in Asia, Chang said that the return of an increasing number of overseas-based Taiwanese companies will help increase domestic demand and drive economic growth.

In addition, the Taiwan government's efforts to invest more in infrastructure and develop the "5 plus 2" industries, such as semiconductor, green energy, biotechnology and smart machinery businesses, are creating a good foundation for economic reform, Chang said.

Even if the domestic economy is affected by a global slowdown over the next two to three years, it will turn around, registering 4-5 percent growth over the next five to 10 years on the back of solid domestic demand, he said.

According to Ministry of Economic Affairs (MOEA) data, 52 Taiwanese companies operating abroad have pledged this year to bring back NT$279.5 billion (US$8.99 billion) worth of investment amid worry over the trade tensions between China and the United States.

In January, the MOEA put forth an incentive package to encourage overseas-based Taiwanese companies, particularly those in China, to return home.

The incentives include better access to bank loans, a simplified process for recruiting migrant workers, and services tailored to the companies' needs.

According to the MOEA, the 52 firms already committed to returning are expected to create more than 27,000 new jobs in Taiwan. Their pledges have topped a goal set by the government to encourage NT$250 billion worth of investment by overseas-based Taiwanese companies, and on Thursday, the Cabinet raised the 2019 goal to NT$500 billion.

Commenting on the ripple effects of the current trade disputes between the U.S. and China, Chang said the U.S.' increased tariffs on Chinese goods could trigger imported inflation in the U.S. market and lead the Federal Reserve to raise its key interest rates in the second half of the year.

Higher interest rates in the U.S. would raise the value of the U.S. dollar, which in turn would prompt investors to move their funds out of non-greenback denominated assets, including the Taiwan dollar, he said.

On May 10, the U.S. raised tariffs on US$200 billion-worth of Chinese merchandise from 10 percent to 25 percent, as the trade talks between the two countries the previous day failed to produce an agreement.

On Monday, the U.S. Trade Representative office released a list of an additional of US$300 billion-worth of Chinese products that may be subject to the 25 percent tariff.

Chang said that due to the escalating trade tensions between the world's two biggest economies, the Asian region and the rest of the world is at risk.

In February, the Directorate General of Budget, Accounting and Statistics (DGBAS) lowered its growth forecast for Taiwan's 2019 GDP from 2.41 percent to 2.27 percent, citing weaker global demand. The DGBAS is scheduled to update its economic growth forecast on May 24

 

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
Saudi King, Mohamed bin Zayed discuss regional developments
2
Dubai Future Council for Blockchain holds second meeting
3
Emirati students complete nuclear energy internship in South Korea
4
U.N. tweets out controversial graphic, drawing protest from Taipei
5
S. Korea begins process to remove Japan's trusted trade partner status
6
U.S. prods S. Korea, Japan to seek 'creative' solutions to trade row
7
UAE Press: Dubai airport reflects the futuristic city that lies beyond
8
N.K. says inter-Korean contact difficult until Seoul gives 'plausible excuse' for military drill with U.S
9
Saudi Crown Prince meets Yemeni President
10
Arab League condemns Benghazi terror car bombing attack
Photo News Green Biz
ADNOC ranked amongst five lowest GHG emitters in oil and gas industry
ADNOC ranked amongst five lowest G...
min
World Green Economy Summit 2018 concludes
World Green Economy Summit 2018 co...
min
Restoration of nature requires actions of many :Al Zeyoudi
Restoration of nature requires act...
min
Al Zeyoudi to head UAE delegation to upcoming Global Climate Action Summit in California
Al Zeyoudi to head UAE delegation ...
min
Plastic wastes from Korea legal: MisOr ecozone exec
Plastic wastes from Korea legal: M...
min
Photo News Sports
Special Olympics Flame of Hope arrives Wahat Al Karama ahead of event's grand opening
Special Olympics Flame of Hope arr...
min
Mohammed bin Rashid attends Super Saturday races at Meydan
Mohammed bin Rashid attends Super ...
min
Sharjah welcomes delegates of 24 countries participating in Special Olympics Abu Dhabi
Sharjah welcomes delegates of 24 c...
min
Mohammed bin Rashid attends 'UAE Tour'
Mohammed bin Rashid attends 'UAE T...
min
Koreas to field joint teams in 4 sports at 2020 Tokyo Olympics
Koreas to field joint teams in 4 s...
min
Over 500 Paralympic athletes to compete in IWAS World Games 2019 on Sunday in Sharjah
Over 500 Paralympic athletes to co...
min
New York City FC announces preseason in Abu Dhabi
New York City FC announces preseas...
min
AFC Asian Cup UAE 2019
AFC Asian Cup UAE 2019
min
Photo News World
Special Olympics Flame of Hope arrives Wahat Al Karama ahead of event's grand opening
Special Olympics Flame of Hope arr...
min
Mohammed bin Rashid attends Super Saturday races at Meydan
Mohammed bin Rashid attends Super ...
min
Sharjah welcomes delegates of 24 countries participating in Special Olympics Abu Dhabi
Sharjah welcomes delegates of 24 c...
min
Mohammed bin Rashid attends 'UAE Tour'
Mohammed bin Rashid attends 'UAE T...
min
Koreas to field joint teams in 4 sports at 2020 Tokyo Olympics
Koreas to field joint teams in 4 s...
min
Over 500 Paralympic athletes to compete in IWAS World Games 2019 on Sunday in Sharjah
Over 500 Paralympic athletes to co...
min
New York City FC announces preseason in Abu Dhabi
New York City FC announces preseas...
min
AFC Asian Cup UAE 2019
AFC Asian Cup UAE 2019
min
Photo News Opinion
Samsung Electronics' Q2 earnings more than halve on weak memory chips
Samsung Electronics' Q2 earnings m...
min
Gov't admits security failure over N.K. boat's undetected arrival, denies cover-up
Gov't admits security failure over...
min
Moon replaces top presidential secretaries for policy, economic affairs
Moon replaces top presidential sec...
min
Fitch cuts growth outlook for S. Korea to 2 percent
Fitch cuts growth outlook for S. K...
min
Reform-minded investigator named prosecutor-general nominee
Reform-minded investigator named p...
min
2 more S. Korean victims found, death toll 18 in Hungary boat sinking
2 more S. Korean victims found, de...
min
FM stresses 'thorough' efforts to identify those responsible for Hungary boat sinking
FM stresses 'thorough' efforts to ...
min
Unionized workers kick off nationwide strike on top of tower cranes
Unionized workers kick off nationw...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com