While the IMF predicts a decline in global growth of 4.4% in 2020, Taiwan is an exception. The island will show growth of 2.5% in 2020. For the first time since 1991, it has a better score than its Chinese neighbor, which should have growth of 1.9% this year, according to the IMF.
Exemplary pandemic management
With 776 cases and 7 deaths recorded for 24 million inhabitants, the island stands out from Western countries. The island had not recorded a case for 253 consecutive days, until December 23. She was able to count on a effective tracking strategy and measures taken as soon as the first cases appeared in China, in January 2020. The borders were quickly controlled, so that the Taiwanese were not confined at any time.
Taiwan has also been able to count on the growth of the electronics market, which accounts for nearly a third of its exports. As a result, exports climbed to an all-time high of $ 32 billion in October, which was 11% better than the performance in October 2019. Its GDP itself relies, in large part, on exports. Taiwanese companies Acer and TSMC, the world’s largest supplier of electronic chips, recorded sales records. The island has also been able to profit from the sale of masks, of which it produced 700 million units this year.
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