CEPD forecasts 5 percent economic growth in 2005

The nation's economic growth rate and unemployment rate for next year have been forecast at 5 percent and 4 percent, respectively, by the Council for Economic Planning and Development (CEPD).

The council forecast that per-capita income will reach US$14,900 next year, while the consumer price index (CPI) and its core CPI will increase no more than 2 percent and 1.5 percent, respectively.

In addition, the council also estimated that the country will post an average economic growth rate of 4.9 percent and an unemployment rate of 4 percent, respectively, for the period from next year through 2008, when per-capita income is expected to hit US$17,700.

Council Vice Chairman Thomas Yeh (葉明峰) said government agencies will do their best to meet the set targets in the knowledge-based era while facing several challenges, including a graying population, carrying out environmental protection measures, promoting ethnic harmony, upgrading industry and achieving sustainable national development amid fierce foreign competition.

Dealing effectively with issues like unemployment, resource consumption, natural disaster and epidemic control, pollution, cross-strait competition and relations, and high oil prices, are key to the nation's economic growth, Yeh said.