Written by Lotta Danielsson. The Taiwan economy fared well in 2020 and continues to do so into early 2021. This is primarily due to strong domestic demand, robust technology exports driven by the global shift to remote work, and a rebound in export orders for industrial goods. According to recent figures released by its national statistics bureau, Taiwan’s economic growth in 2020 was 2.98%, outperforming China’s same-year growth of 2.3% for the first time in 30 years.
Written by Min-hua Chiang. With 2.98% of growth rate in 2020, Taiwan’s economy has outperformed many countries in the world. The moderate economic expansion was attributed to the surging external demand for information and communications technology (ICT) goods and the growing investment repatriation. The domestic consumption remained resilient thanks to the growth in domestic tourism and economic stimulus measures. After all, Taiwan’s success in containing the COVID-19 underpinned the whole economy well amid the ongoing global pandemic crisis.
Written by Yu-Ching Kuo and Robyn Klingler-Vidra. Early into the global pandemic — and amidst ongoing U.S.-China trade tensions — the International Monetary Fund’s (IMF) World Economic Outlook in April 2020 forecast that Taiwan’s GDP would shrink by 4% in 2020. However, by October 2020, Taiwan’s exports unexpectedly grew by 3.4% and GDP increased by 2%. The outperformance was partly due to Taiwan’s capacity to fight COVID-19, which contributed to the export growth rate of semiconductors and electronics and information technology industries, which was as high as 20%. #Taiwan #economy #industry #covid #Trump @RobynVidra
Written by Ian Inkster. As Joseph Cummings has summarised recently for Redaction Politics, ‘experts believe that Mr Biden’s policy will fall short of provocation of mainland China and Mr Trump’s open empowerment of Taiwanese militarisation,’ and there is little reason yet to discount that view. The fact that the US has approved recent arms purchase deals with Taiwan may mean no real change in the long history of less-than-best military techniques being sold off to Taiwan as part of the old cold-war alliance.
Written by Ko Lien. The demand for pig and pork products increased, but businessmen had begun to import pigs from across the strait since supplies have dwindled. As refrigeration technology was still in its infancy at this point, live pigs were imported. However, many overdue would die on the journey to disease or ship wreckage. In response to this, Taiwan’s first-ever insurance company was founded for protecting against pig loss.
Written by Guo-Huei Chen, Ming-En Hsiao and Li-Ke Chang. The semiconductor industry is strategic to national security and critical to international connections in the high tech and techno-geopolitics era. In regard to tech, along with strategic competitions between America and China, Taiwan is at the frontline for its supply chains and geopolitics.
Written by Michael Mazza. The new Biden administration will have its hands full from day one. Even as it focuses its energy on finally getting a handle on the COVID-19 pandemic, the administration will have to recalibrate its China policy, making numerous decisions about which aspects of the Trump administration’s approach to keep and which to jettison. Beyond China, it will have to meaningfully strengthen alliances and security partnerships worldwide, make a decision about how best to rein in Iran’s nuclear program going forward, and work quickly to preserve (or not) the New START arms control agreement with Russia. Taiwan policy, on the other hand, should not require significant deliberation in the early going.
Written by Ian Inkster. The world is nowhere near getting over the COVID pandemic. Whether referring to the possibilities of mutations of the virus itself or to the transformations, reactions and perhaps resistances of the national populations who are being continuously coerced or persuaded into adherence to often dubious and motley official regulations, most commentators and analysts think we are either within or entering a strong second cycle of contagion and mortality.
Written by Corey Lee Bell. The annual Yushan Forum was inaugurated in 2017, yet has quickly come to assume the mantle of one of Taiwan’s leading non-governmental platforms for international dialogue. Its 2020 incarnation was no different, and featured keynote speeches from influential political figures including President Tsai Ing-Wen, Australia’s former Prime Minister Malcolm Turnbull, and Sweden’s former Prime Minister Carl Bildt. While the impact of the COVID19 pandemic meant that this year’s forum was relatively low key, its impressive register of foreign dignitaries, and the profound security, economic and health crises that formed its backdrop, arguably made it the most significant to date.
Written by Dr. Alan H. Yang and Tung Cheng-Chia. Great power competition between the United States and China has intensified under the backdrop of the Covid-19 pandemic. Whether in the World Health Organization or the United Nations, this intensification is compelling states to reorient their political alignment. Taiwan needs to reflect on and strategically reposition itself in this geopolitical tug-of-war. A top priority for the island-nation is to strengthen its links and influence in Asia.
Written by Harry West. The Coronavirus pandemic has presented the world with challenges the likes of which have rarely been seen before. COVID-19 — a disease for which a vaccine is yet to be found — has killed over 300,000 people and infected millions more. As well as the human cost, the virus has had a significant impact on the global economy, with governments across the world implementing social distancing measures as a means for combatting the spread.
Written by Min-Hua Chiang. Despite economic shrinkage, the impact of COVID-19 on Taiwan’s economy is restrained compared to other countries. Singapore (-2.2%), European Union (-2.7%), USA (-4.8%), China (-6.8%) and Hong Kong (-8.9%) have reported a more significant drop in the first quarter of 2020. Taiwan’s success in controlling the spread of COVID-19 has minimized the impact of COVID-19 on its economy. As of May 11 2020, Taiwan reported 440 cases and seven deaths, lower than most other countries in the world.