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Taiwan Economic Growth Set To Grow At Fastest In Seven Years Thanks To Global Tech Demand

Taiwan’s economy, already an outlier last year as Covid-19 tore through most of the world, will grow at its fastest pace in seven years in 2021, the government said, buoyed by global demand for the island’s technology products.

Gross domestic product is expected to expand 4.64% this year, the statistics bureau said, up from a forecast of 3.83% growth made in November.

Exports from Taiwan’s electronics industry indicate that the economy will rise because of global demand for new technology products, the government office said Saturday. It said the island’s signature semiconductor sector should expect growth in shipments for devices that support 5G wireless, the internet of things and high-performance computing. Automotive chips, though backlogged now because of demand for consumer electronics, would offer Taiwan’s chipmakers additional revenue.

Read more: https://www.forbes.com/sites/ralphjennings/2021/02/22/taiwan-economic-growth-set-to-grow-at-fastest-in-seven-years-thanks-to-global-tech-demand/?sh=4ec374b0bf28

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