Despite slowing export growth amid a weakening global industry cycle, the government said it was still aiming for 4.51 percent economic growth this year, according to a Cabinet statement released late on Tuesday night.
The GDP goal was reaffirmed after a Cabinet meeting chaired by Vice Premier Wu Rong-i (
Wu said the goal could be met by accelerating spending on infrastructure, promoting tourism and improving the investment environment, along with other measures.
According to the statement, the seven-point stimulus measures include NT$300 billion (US$9.4 billion) in subsidized mortgages and an eight-year, NT$80 billion budget to prevent floods.
The measures also include speeding up the "Ten New Major Construction Projects," expanding build-operate-transfer projects and instituting a NT$200 billion preferential financing plan for small and medium-sized enterprises.
The economy grew 2.5 percent from a year earlier in the first quarter, which prompted the Directorate General of Budget, Accounting and Statistics to revise downward this year's GDP growth rate to 3.63 percent from the 4.21 percent it previously predicted.
The stimulus package is expected to boost growth by 0.93 percent, but after subtracting a 0.05 percent decline caused by oil price hikes, the package will actually contribute 0.88 percent to the growth rate.
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