Source: February 14, 2025 Taiwan Today
Premier Cho Jung-tai said the government is committed to stabilizing commodity prices and creating diverse job opportunities to fulfill its goal of fostering an innovative economy and inclusive growth.
Cho made the remarks following a briefing on current economic conditions and future prospects made by the Cabinet-level National Development Council Feb. 13 in Taipei City. Despite uncertainty caused by geopolitics and tariffs, Taiwan’s economic growth reached 4.3 percent in 2024 due to reduced inflation and robust demand for emerging technologies such as artificial intelligence, outperforming Singapore, 4 percent; Hong Kong, 2.5 percent; and South Korea, 2 percent, he said.
According to the premier, last year private sector domestic investment exceeded NT$5 trillion (US$152.7 billion), while overall export volume hit nearly US$500 billion, the second highest in history.
The economy is projected to grow 3 percent in 2025, Cho said, adding that he has directed government agencies to continue encouraging businesses at home and abroad to invest in the country.
Additionally, the government will keep advancing the five trusted industry sectors of AI, military, next-generation communications, security and surveillance, and semiconductors, as well as the six major regional flagship programs and other projects under the Executive Yuan’s Economic Development Committee to ensure the country’s central position in global supply chains, optimize the domestic investment climate and enhance economic resilience and industry competitiveness.
To mitigate potential economic and trade volatility and expand global business and security cooperation, the EY has established a panel to coordinate related affairs between Taiwan and trade partners such as the U.S., Cho added.
According to a Feb. 13 Executive Yuan news release, Taiwan’s economy is expected to grow 3 percent this year. (Courtesy of EY)
