The Executive Yuan on Thursday approved a four-year economic development plan to increase GDP growth to between 2.5 and 3 percent over the next four years.
For this year, the National Development Council (NDC) is to target GDP growth of 2 to 2.5 percent, which is higher than the Directorate General of Budget, Accounting and Statistics forecast in November last year, when it estimated growth of 1.87 percent.
At a news conference to announce the 2017-2020 economic development plan, Executive Yuan spokesman Hsu Kuo-yung (徐國勇) quoted Premier Lin Chuan (林全) as saying that the government considers the GDP growth target to be one of its major challenges.
The Cabinet will instruct all government agencies to focus on boosting the economy and achieving the economic growth target for the four-year period, Hsu said.
The Executive Yuan will monitor the global economy closely to be ready to adjust economic growth plans if necessary, he said.
NDC Deputy Minister Kao Shien-quey (高仙桂) said that the council believes the global economy will pick up over the next four years and that global trade will continue to grow at a moderate pace.
However, Kao said the global economy also faces several risks, including uncertainty caused by US President Donald Trump’s anti-globalization stance, a move by the UK to trigger its exit from the EU, economic reforms in China and the US Federal Reserve’s rate hike cycle.
At home, the economy faces a labor shortage and the local investment environment needs to be improved, Kao said.
Kao said the government will do its best to address challenges at home and abroad and work on the economy through policies to boost innovation, improve employment and increase wealth distribution.
The government’s economic priority is to raise investment in innovative industries and infrastructure, including digital industries, “green” energy, transportation and water resources, Kao said.
In addition, Kao said the government will push for a wide range of reforms, including legal reforms and tax reforms, while eying an upgrade in labor quality, financial technology and improved land utilization.
Kao said that the council expects Taiwan’s GDP per capita for last year to range from US$23,100 to US$23,300, the consumer price index (CPI) to reach a maximum of 2 percent and the jobless rate to be from 3.9 to 3.93 percent.
For the next four years, the council is targeting GDP per capita of US$25,000 to US$26,000, a CPI of up to 2 percent and unemployment of 3.75 to 3.82 percent, Kao said.
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