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Taiwan 2015-16 economic performance top among '4 tigers': IMF

Source: Taiwantrade | Updated: 24 April 2015

Taiwan will outperform the three other "Asian tigers" in economic growth in 2015 and 2016, the International Monetary Fund (IMF) has said recently.


In its latest World Economic Outlook (WEO) report, the IMF maintains its previous economic growth forecast for Taiwan in 2015 at 3.8 percent and forecasts its 2016 growth at 4.1 percent, both higher than the global average growth of 3.5 percent (2015) and 3.8 percent (2016).


The figures for Taiwan are highest among the four "Asian tigers"-- Taiwan, South Korea, Singapore and Hong Kong. Singapore is expected to register a growth of 3.0 percent for both 2015 and 2016, according to the report, while growth for Hong Kong for 2015 and 2016 will be 2.8 percent and 3.1 percent, respectively. South Korea will have figures of 3.3 percent and 3.5 percent, respectively.


The IMF also draws a pessimistic picture of China's economic growth for the next two years -- 6.8 percent for 2015 and 6.3 percent for 2016, both lower than its 2014 growth of 7.4 percent.


In Taipei, the National Development Council (NDC) attributed Taiwan's steady economic growth as forecast by the IMF to its strong private investment and consuming power.


NDC Deputy Minister Kao Shien-quey said that companies in Taiwan's competitive ICT industry, which is expected to benefit from new Apple products and wearable devices, are expected to increase their investments.


Falling crude oil prices and the booming tourism industry will also contribute to Taiwan's economic growth in the coming years, Kao said. Taiwan is expected to welcome its highest-ever number of international tourists -- over 10 million -- this year.


Chia Yi Lin (franceslin@taitra.org.tw)

Source: Focus Taiwan


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