Taiwan 2021 economic growth may reach 5%, says TIER

Thanks to unexpected strong demand arising from the coronavirus pandemic and the US raising tariffs on China-made products, Taiwan’s manufacturing industries, especially high-tech ones, have gained significant growth momentum, and Taiwan’s 2021 GDP will grow by over 4% and likely by 5%, according to Taiwan Institute of Economic Research (TIER).

Sharply growing demand for remote working and learning and fast accelerating deployment of 5G infrastructure have led to substantial increases in demand for ICT products, TIER said. Many kinds of products have been in short supply, for example, TV and IT panels, passive components, and 8-inch wafer foundry and IC packaging/testing capacities, TIER noted.

TIER in January 2021 conducted a survey of Taiwan-based manufacturers, showing that 35.4% of the respondents thought current business conditions were better than before while 53.3% thought they remained unchanged; 24.9% and 63.9% of the respondents thought business conditions in first-half 2021 would be better and remain unchanged, respectively.-DigiTimes

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