Written by Chin-fen Chang. As an export-driven economy, Taiwanese manufacturing has suffered a sharp drop in demands overseas during the first half of this year. Local businesses in Taiwan have also been affected by a lack of foreign tourists. Moreover, Taiwanese have been self-restrained in their consumption, suffering from income loss or concerning worse financial conditions to come in the near future. Labour markets also show significant job losses along with cutting regular earnings for those fortunately still on the payroll.
Written by Tyler Prochazka. As the coronavirus spreads rapidly around the world, the global economy could face its most serious decline since the 2008 Great Recession. While Taiwan has avoided a serious community spread of COVID-19, it is not immune to the global economic fallout from the pandemic. To assure that its citizens are able to keep their heads afloat financially, the Taiwanese government should prioritize an emergency basic income for every household over bailouts to corporations.