Political factors and rising oil prices have taken their toll on the nation's consumer confidence, with survey respondents showing mild pessimism about the next six months, according to a biannual report released by MasterCard International yesterday.
The nation's confidence score -- ranging between zero and 100 based on responses to questions about employment, the economy, regular income, the stock market and quality of life -- slid to 48.2 from 58.6 in the second quarter last year and 65.7 a year ago.
The latest survey was conducted between Oct. 20 and Nov. 5 to determine confidence levels in 13 Asia-Pacific markets. Except in China, where 600 respondents were interviewed, 400 samples were collected in each market.
"The ongoing disputes and lawsuits over the presidential election have increased people's uncertainty about the future, thereby causing the index to fall. But as the overall economic situation in Taiwan remains healthy and strong, we are still optimistic about domestic consumption," said Tina Chiang (
MasterCard estimated that Taiwan's economic growth will reach 5.5 percent this year, and the unemployment rate is expected to dip to 3.9 percent, although inflation and the benchmark interest rate could edge up slightly.
Taiwanese respondents expressed a less confident view on stock performances (45.1 versus 60.6 six months ago) and the domestic economy (48.9 versus 65.1 six months ago), according to the report.
Although the results of subjective responses are incomparable among different markets, the survey nevertheless showed that people in Indonesia, Vietnam and China appeared highly confident about the next six months.
Indonesia's confidence score jumped from 67.3 two quarters ago to the current 94.7, near the record high of 95.9 in the second quarter of 1997. Japan, the Philippines and South Korea were at the bottom of the list, showing a pessimistic outlook toward the near future.
Stephen Garrett, a 27-year-old graduate student, always thought he would study in China, but first the country’s restrictive COVID-19 policies made it nearly impossible and now he has other concerns. The cost is one deterrent, but Garrett is more worried about restrictions on academic freedom and the personal risk of being stranded in China. He is not alone. Only about 700 American students are studying at Chinese universities, down from a peak of nearly 25,000 a decade ago, while there are nearly 300,000 Chinese students at US schools. Some young Americans are discouraged from investing their time in China by what they see
Taiwan Transport and Storage Corp (TTS, 台灣通運倉儲) yesterday unveiled its first electric tractor unit — manufactured by Volvo Trucks — in a ceremony in Taipei, and said the unit would soon be used to transport cement produced by Taiwan Cement Corp (TCC, 台灣水泥). Both TTS and TCC belong to TCC International Holdings Ltd (台泥國際集團). With the electric tractor unit, the Taipei-based cement firm would become the first in Taiwan to use electric vehicles to transport construction materials. TTS chairman Koo Kung-yi (辜公怡), Volvo Trucks vice president of sales and marketing Johan Selven, TCC president Roman Cheng (程耀輝) and Taikoo Motors Group
MAJOR DROP: CEO Tim Cook, who is visiting Hanoi, pledged the firm was committed to Vietnam after its smartphone shipments declined 9.6% annually in the first quarter Apple Inc yesterday said it would increase spending on suppliers in Vietnam, a key production hub, as CEO Tim Cook arrived in the country for a two-day visit. The iPhone maker announced the news in a statement on its Web site, but gave no details of how much it would spend or where the money would go. Cook is expected to meet programmers, content creators and students during his visit, online newspaper VnExpress reported. The visit comes as US President Joe Biden’s administration seeks to ramp up Vietnam’s role in the global tech supply chain to reduce the US’ dependence on China. Images on
New apartments in Taiwan’s major cities are getting smaller, while old apartments are increasingly occupied by older people, many of whom live alone, government data showed. The phenomenon has to do with sharpening unaffordable property prices and an aging population, property brokers said. Apartments with one bedroom that are two years old or older have gained a noticeable presence in the nation’s six special municipalities as well as Hsinchu county and city in the past five years, Evertrust Rehouse Co (永慶房產集團) found, citing data from the government’s real-price transaction platform. In Taipei, apartments with one bedroom accounted for 19 percent of deals last