The country aims to pursue stable economic growth next year driven by both exports and domestic demand, with the tech sector and traditional sectors carrying equal weight, the Council for Economic Planning and Development (CEPD) said yesterday.
The council, which is responsible for mapping out the nation’s economic policies and coordinating their execution, will give top priority to boosting private investment and facilitating deregulation, CEPD Minister Christina Liu (劉憶如) said.
“The council will soon publish a program detailing what strategy the government plans to take to stimulate private investment and what industries it plans to support,” Liu said at a year-end news conference.
She said industries that can increase hiring and raise wages will be given favorable considerations. This measure comes as many people have complained about being unable to share the benefits of the economic recovery.
The economy is expected to grow by double digits this year from last year, but average wages rose only 1.92 percent in the first 10 months, Directorate-General of Budget, Accounting and Statistics data showed.
Liu said it is important for industries to upgrade or transform because Western nations are likely to go through a sustained period of stagnation, meaning weaker consumption of Taiwan-made products.
“The emerging economies in Asia will gain more weight on the world stage and firms should pay attention to this trend,” Liu said.
The council will lend a helping hand by organizing trade exhibitions in India in February, in the US in March and in Japan in April, Liu said.
Although optimistic about the economic outlook, Liu said the latest round of quantitative easing by the US continues to foster uncertainty about the global economy.
“A weaker US dollar may push up raw material prices, create asset bubbles in emerging economies and put appreciation pressure on Asian currencies,” Liu said.
The central bank is taking necessary steps to stabilize the local currency, she said.
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