Taiwan's economy may finally be bottoming out and may reach an annual growth rate of between 3 percent and 3.5 percent for 2004, Minister of Economic Affairs Christine Tsung (
With the gradual recovery of the economy in the US -- Taiwan's major export outlet, as well as the improving employment situation at home, and a forecast of 2.5-percent growth in Taiwan's economy for 2002 by the Directorate General of Budget, Accounting and Statistics, Tsung said growth of between 3 percent and 3.5 percent for 2004 is technically feasible.
Answering a question raised by opposition KMT Legislator Hsu Shu-po (
When asked by Legislator Chiu Chuei-chen (邱垂貞) of the ruling Democratic Progressive Party what the biggest challenge to Taiwan's economic development is now and how to overcome it, Tsung said the biggest challenge is a weakening investment climate. She suggested lowering tariff rates, foreign exchange rates and interest rates.