Taiwan Economy Data
| 2015 | 2016 | 2017 | 2018 | |
| Population (million) | 23.5 | 23.5 | 23.6 | 23.6 |
| GDP per capita (USD) | 22,941 | 23,161 | 25,154 | 25,750 |
| GDP (USD bn) | 539 | 545 | 593 | 607 |
| Economic Growth (GDP, annual variation i ... | 1.5 | 2.2 | 3.3 | 2.8 |
What is the per capita GDP of Taiwan?
This statistic shows the per capita gross national product (GNP) of Taiwan from 2009 to 2019. In 2019, the per capita GNP in Taiwan ranged around 26.5 thousand U.S. dollars. You need a Single Account for unlimited access. Add this content to your personal favorites.
What type of economic system does Taiwan have?
The government system is a multiparty democracy; the chief of state is the president, and the head of government is the premier. Taiwan has a free market economy in which the prices of goods and services are determined in a free price system, and there is little government involvement.
Does Taiwan have a command economy?
The economy of Taiwan is a developed capitalist economy with most government firms being privatized. It is the seventh largest in Asia and 20th -largest in the world by purchasing power parity allowing Taiwan to be included in the advanced economies group [12] by the International Monetary Fund and gauged in the high-income economies group by the World Bank . [13]
What kind of economy does Taiwan have?
The economy of Taiwan is a highly developed free-market economy. It is the 8th largest in Asia and 18th -largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund. It is gauged in the high-income economies group by the World Bank.
What is Taiwan's economy based on?
Taiwan's trade-dependent economy is driven by a competitive manufacturing sector that encompasses electronics, machinery, petrochemicals, and information and communication technology products.
How strong is Taiwan economy?
Taiwan's gross domestic product per capita reached US$28,371 in 2020. In terms of nominal GDP, Taiwan ranks close to Switzerland and Poland, while its GDP per capita expressed as purchasing power parity is similar to that of Iceland and Sweden.
What makes Taiwan a successful economy?
Most of Taiwan's impressive export growth is from the information and communication technology sector, with little from textiles, agriculture, small and medium businesses, or traditional manufacturing, all of which remain important parts of the Taiwanese economy.
Is Taiwan poor or rich country?
Luxembourg on the left is the world's richest country and Burundi on the right is the poorest....Advertisement.RankCountryGDP-PPP ($)14Netherlands61,81615Taiwan Province of China61,37116Austria59,40617Iceland59,268144 more rows•Nov 30, 2021
Why is Taiwan so poor?
The conflict between China and Japan ravaged the land, and the Chinese Civil War that followed brought about even more destruction. By then, the majority of the Taiwanese people lived in absolute poverty; over 60% of the population were farmers just scraping by. However, as of 2019, Taiwan's GDP broke $1.2 trillion.
How rich is Taiwan vs China?
China has a GDP per capita of $18,200 as of 2018, while in Taiwan, the GDP per capita is $50,500 as of 2017.
Where does Taiwan get its money?
Taiwan's main exports are electronics, basic metals and metal products, plastics and rubber, chemicals, and machinery. Its principal export trading partners include China (including Hong Kong), countries of the Association of Southeast Asian Nations (ASEAN), the United States, Japan, and South Korea.
How did Taiwan get rich?
According to economist Paul Krugman, the rapid growth was made possible by increases in capital and labor but not an increase in efficiency. In other words, the savings rate increased and work hours were lengthened, and many more people, such as women, entered the work force.
Does China get money from Taiwan?
Today, Taiwan is one of the biggest investors in China. Between 1991 and the end of May 2021, approved investment in China comprised 44,577 cases totaling US$193.51 billion. In 2020, the value of cross-strait trade was US$166 billion.
Who is richer Taiwan or Japan?
Japan has a GDP per capita of $42,900 as of 2017, while in Taiwan, the GDP per capita is $50,500 as of 2017.
What is Taiwan's main export?
electronicsMain exports products are: electronics (33.1% of total), information, communication and audio-video products (10.8%), base metals (8.8%), plastics & rubber (7.1%), machinery (7.5 percent).
Where does Taiwan's economy rank in the world?
The economy of Taiwan is a highly developed free-market economy. It is the 8th largest in Asia and 18th-largest in the world by purchasing power parity, allowing Taiwan to be included in the advanced economies group by the International Monetary Fund.
What is the economic system of Taiwan?
Overview Of The Economy of Taiwan. Taiwan has a capitalist economy , which means that privately-owned companies decide on production techniques and operate to earn a profit. Banks and industrial companies that were previously owned by the state are now also privately owned.
What is the leading industry in Taiwan?
As evidenced by its employment pattern, the services sector is the leading industry in Taiwan. In fact, it contributes 73% of the GDP. Overall, the economy is very diversified with several different industries. Some of the most important of these include communications and information technology, electronics, petroleum refining, chemicals, armaments, chemicals, food processing, and textiles.
How much did Taiwan export in 2014?
Top Export Goods and Partners Of Taiwan. In 2014, Taiwan exported $318 billion worth of goods. This economy is largely reliant on its export industry, which makes it vulnerable to global market fluctuations.
What was Taiwan's trade in 2014?
The 2014 imports to Taiwan totaled $277.5 billion, giving this country a positive trade balance of $40.5 billion. A positive trade balance means this country exports more than it imports. Its major imports include: electronics, machinery, crude petroleum, computers, coal, organic chemicals, and metals. A large portion of its imports come ...
Why is Taiwan's economy based on small and medium-sized companies?
One reason given for that circumstance is that Taiwan’s economy is based primarily on small- and medium-sized companies rather than on large conglomerates —as has been the case in Japan and South Korea. Early on, Taiwan adopted a policy of import substitution, imposing high tariffs to protect its budding industries.
When did Taiwan's economic growth start?
However, that perception did not turn out to be true. Taiwan’s economic growth beginning in the mid-1960s was so spectacular that it acquired the appellation “economic miracle.”. In the 1990s Taiwan’s economy slowed, but its growth remained good, even during the East Asian financial crisis of 1997.
Why is Taiwan so dependent on foreign fuels?
Because Taiwan has such a high dependence on foreign fuel imports, it has diversified its sources of those commodities and has considerable storage capacity. Most of its petroleum is imported from the Middle East.
What was the economic boom of the 1960s?
Taiwan ’s economic boom of the 1960s and for several decades after was preceded by land reform, which generated a marked growth in the agriculture sector. Rural prosperity stimulated industrial development, while more-efficient farming released labour for Taiwan’s industrialization that drove the economy in the 1960s and ’70s.
What was Taiwan known for in the 1980s?
By the mid-1980s Taiwan had become one of the world’s largest producers of computers and computer peripherals. It also succeeded in establishing steel and shipbuilding industries, but those were of less significance than the enterprises manufacturing information- and communication-technology (ICT) products.
What was the first industrialization in Taiwan?
Taiwan’s initial industrialization was spurred by the growth of textile factories and companies that produced light manufactures, such as small appliances, footwear, and athletic equipment. Companies subsequently moved to manufacturing semiconductors and electronic equipment, including radios, television sets, and computers.
What was the economic situation in Taiwan in the 1940s?
That assessment was based on Taiwan’s unfavourable land-to-population ratio, its lack of natural resources, a shortage of capital, and a discredited government. However, that perception did not turn out to be true.
What is holding Taiwan back from the top economic freedom category?
The main problem holding Taiwan back from the top economic freedom category remains the continuing relative lack of labor freedom. Despite the possibility of further damage to productivity and flexibility for workers, the government increased the minimum wage again in 2020.
What is Taiwan's democracy?
Taiwan’s dynamic multiparty democracy operates under a 1947 constitution that was drawn up originally to include all of China. Its economy is one of the wealthiest in Asia. The Democratic Progressive Party (DPP) returned to power when Tsai Ing-wen was elected president in 2016. Amid the backdrop of the 2019–2020 Hong Kong protests and threats from China, President Tsai secured reelection in a landslide victory in 2020. China’s ongoing attempts to isolate Taiwan diplomatically threaten both the country’s long-term political autonomy and its ability to maintain its presence in overseas markets. Taiwan’s trade dependent economy is driven by a competitive manufacturing sector that encompasses electronics, machinery, petrochemicals, and information and communication technology products.
What percentage of GDP is public debt?
Public debt is equivalent to 28.2 percent of GDP.
Is corruption a problem in Taiwan?
While corruption is much less prevalent today, it remains a problem, especially because politics and big business are closely intertwined.
Taiwan Economic Growth
The economy is set to lose some steam in 2022 but remain fairly upbeat nonetheless. Private spending should be bolstered by a higher minimum wage, the public salary hike and a tighter labor market, while the semiconductor sector should stay strong. Ongoing tensions with China and possible new Covid-19 flare-ups pose important downside risks.
Sample Report
5 years of Taiwan economic forecasts for more than 30 economic indicators.
Overall
With a population of 23.6 million, Taiwan is a thriving democracy with a vibrant market economy. In 2020, Taiwan’s GDP grew by 2.98 percent. The unemployment rate was 3.85 percent and the labor participation rate was 59.15 percent.
U.S.-Taiwan Trade
The United States and Taiwan have a long-standing and vibrant trade relationship. In 2020, the United States and Taiwan transacted $106.2 billion of trade in goods and services, composed of $39.4 billion in exports and $66.7 billion in imports, resulting in a goods and services trade deficit with Taiwan of $27.3 billion.
U.S. Goods Trade
In 2020, Taiwan was the United States’ 10th largest goods trading partner, outranking markets such as the Netherlands and Italy, with $83.9 billion in two-way goods trade.
U.S. Services Trade
In 2020, two-way trade in services with Taiwan was $15.1 billion. U.S. exports of services to Taiwan were roughly $11 billion, a 15.5 percent decrease over 2019. Top U.S. services exports included intellectual property (industrial processes), transport, and travel.
Investment
Taiwan’s total stock of FDI in the United States was $ 16.2 billion in 2019, up 14.1 percent from 2018. This investment supported 19,000 U.S. jobs. Taiwan’s foreign direct investment in the U.S. is led by electronic components, business machines, communications, software and IT services, semiconductors, and transportation.
How should Taiwan relate to China?
Taiwan's political scene is divided into two major camps in terms of cross-Strait relations, i.e. how Taiwan should relate to China or the PRC. The Pan-Green Coalition (e.g. the Democratic Progressive Party) leans pro-independence, and the Pan-Blue Coalition (e.g. the Kuomintang) leans pro-unification. Moderates in both camps regard the Republic of China as a sovereign independent state, but the Pan-Green Coalition regard the ROC as synonymous with Taiwan, while moderates in the Pan-Blue Coalition view it as synonymous with China. These positions formed against the backdrop of the PRC's Anti-Secession Law, which threatens invasion in the event of formal independence.
How many divisions are there in Taiwan?
Taiwan is, in practice, divided into 22 subnational divisions, each with a self-governing body led by an elected leader and a legislative body with elected members. Duties of local governments include social services, education, urban planning, public construction, water management, environmental protection, transport, public safety, and more.
What is the name of the island in Taiwan?
In his Daoyi Zhilüe (1349), Wang Dayuan used " Liuqiu " as a name for the island of Taiwan, or the part of it closest to Penghu. Elsewhere, the name was used for the Ryukyu Islands in general or Okinawa, the largest of them; indeed the name Ryūkyū is the Japanese form of Liúqiú.
What is Taiwan's name?
The name Formosa ( 福爾摩沙) dates from 1542, when Portuguese sailors sighted an uncharted island and noted it on their maps as Ilha Formosa ("beautiful island"). The name Formosa eventually "replaced all others in European literature" and remained in common use among English speakers into the 20th century.
How much has Taiwan's temperature risen in the last 100 years?
Due to climate change, the average temperature in Taiwan has risen 1.4 °C (2.5 °F) in the last 100 years, which is twice of the worldwide temperature rise. The goal of the Taiwanese government is to cut carbon emissions by 20 per cent in 2030 compared to 2005 levels, and by 50 per cent in 2050 compared to 2005 levels.
When was China founded?
From its founding until 1949 it was based in mainland China. Central authority waxed and waned in response to warlordism (1915–28), Japanese invasion (1937–45), and the Chinese Civil War (1927–50), with central authority strongest during the Nanjing decade (1927–37), when most of China came under the control of the Kuomintang (KMT) under an authoritarian one-party state.
When did Taiwan join the mainland?
Taiwan was joined to the Asian mainland in the Late Pleistocene, until sea levels rose about 10,000 years ago. Fragmentary human remains dated 20,000 to 30,000 years ago have been found on the island, as well as later artifacts of a paleolithic culture.
Overview of The Economy of Taiwan
Leading Industries of Taiwan
- As evidenced by its employment pattern, the services sector is the leading industry in Taiwan. In fact, it contributes 73% of the GDP. Overall, the economy is very diversified with several different industries. Some of the most important of these include communications and information technology, electronics, petroleum refining, chemicals, armaments, chemicals, food processing, …
Top Export Goods and Partners of Taiwan
- In 2014, Taiwan exported $318 billion worth of goods. This economy is largely reliant on its export industry, which makes it vulnerable to global market fluctuations. Its principal exports include electronics, flat panels, ships, petrochemicals, machinery, metals, textiles, plastics, and chemicals. A large percentage of its exports go to the following countries: China (27.1%), Hong Kong (13.2…
Top Import Goods and Partners of Taiwan
- The 2014 imports to Taiwan totaled $277.5 billion, giving this country a positive trade balance of $40.5 billion. A positive trade balance means this country exports more than it imports. Its major imports include: electronics, machinery, crude petroleum, computers, coal, organic chemicals, and metals. A large portion of its imports come from the following countries: Japan (17.6%), China (…
Challenges Faced by The Economy of Taiwan
- Despite the apparent health of this economy, Taiwan does face some significant challenges to continued growth. The economy has recently stagnated. Its exports have been decreasing over the past few years, and work wages have not kept up with the cost of living. Additionally, the GDP only increased by .7% in 2015 which is significantly less than the 3.9% growth the country saw i…
Future Economic Plans of Taiwan
- To combat the previously mentioned challenges, the government of Taiwan has created a plan for the future of its economy. Part of this plan involves transitioning the economy to more technology-related and service-oriented jobs. It is also planning to diversify its export partners to avoid relying on exporting to just a few countries. The government also intends to continue with …