The National Development Council (NDC) yesterday said it is aiming to grow Taiwan’s GDP by 4.56 percent this year and GDP per capita to US$42,170 on the back of strong economic growth momentum.
The target is higher than the 3.54 percent annual growth forecast by the Directorate-General of Budget, Accounting and Statistics (DGBAS) in November last year.
The council attributed the growth to the finalization of Taiwan-US tariff negotiations, which has boosted market confidence and sustained growing capital expenditure by global cloud service providers, which has strongly supported Taiwan’s artificial intelligence (AI) supply chain, National Development Council Minister Yeh Chun-hsien (葉俊顯) told a news conference in Taipei.
Photo: CNA
GDP growth this year is expected to remain at about 4 percent, but could rise to 4.56 percent if the government effectively promotes growth in private consumption, public spending, private investment and exports, Yeh said.
He said the growth in exports would be supported by developing the defense industry and building non-China supply chains, while the Special Act for Strengthening Economic, Social and National Security Resilience in Response to International Circumstances (因應國際情勢強化經濟社會及民生國安韌性特別條例) would also help bolster momentum, he said.
Public spending covers defense budgets and the development of the military-industrial sector, while private investment is focused on the New Ten Major AI Infrastructure Projects, urban renewal initiatives and the Asia Asset Management Center plan, he said.
As Taiwan’s economic outlook this year remains strong, the council estimates that Taiwan’s per capita GDP this year would range between US$41,708 and US$43,897, higher than the US$40,951 forecast by the DGBAS, he said.
The midpoint would be US$42,170, Yeh said.
Taiwan’s per capita GDP surpassed Japan in 2024 and South Korea last year.
Responding to concerns about uneven industrial development, Yeh rejected the notion of “K-shaped” growth, saying that while the downward leg of the “K” implies decline, Taiwan’s traditional industries are not declining.
The industries are transforming and remain a stable pillar of the economy, even if their growth is slower than that of leading semiconductor firms, he said.
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