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President shrugs off KMT criticism, says economy is healthy

President Chen Shui-bian (陳水扁) dismissed recent criticism from the Chinese Nationalist Party (KMT) yesterday, insisting the country's economy is in good shape.

Chen took umbrage at a KMT-placed television ad which featured a South Korean criticizing the Democratic Progressive Party (DPP) administration for placing too much emphasis on politics and not enough on the economy.

The man in the ad has lived in Taiwan for seven years and was chosen because his views supposedly represent those of foreigners living in Taiwan.

While addressing the 13th annual convention of the World Taiwanese Chambers of Commerce in Taipei, Chen said the accusation had no basis in fact.

Chen said Taiwan's economic growth rate averaged 5.05 percent between 2003 and last year, while South Korea's averaged 4.25 percent during the same period. This year's economic growth rate is estimated at 4.6 percent, also higher than South Korea's 4.4 percent, he said.

The unemployment and inflation rates in Taiwan had also been lower than those in South Korea in every year since 2000 except 2005, Chen added.

Regarding the gap between rich and poor, Chen said that families with the highest incomes in Taiwan earned six times what those with the lowest incomes earned, whereas the multiplier in South Korea was eight.

The Global Competitiveness Report 2006-2007 published by the World Economic Forum in September last year ranked Taiwan as the world's sixth most competitive economy. While Taiwan was ranked first in Asia, South Korea was fourth in the region -- behind Singapore and Japan.

"Taiwan's economic performance is not the best, but it is definitely better than South Korea's," Chen said.

"Why do some people keep saying Taiwan is no longer among Asia's four tiger economies? The answer is simple: They cannot see Taiwan because they do not have Taiwan in their hearts. It makes me feel sad," he said.

Chen said there were many other figures that prove Taiwan's economy is in good shape. He said that while some were placing advertisements highlighting weaknesses, others were working hard to improve the economy because they believe in Taiwan.

Chen encouraged Taiwanese businesspeople to return home and invest in their country after achieving success overseas.

"The country needs your help," he said. "We'd like you to unite and promote the achievements of the country, work hard for the economy and deepen democracy," he said.
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