The Taiwanese economy must brace for a possible global downturn, the Executive Yuan said yesterday.
However, the Cabinet remains optimistic about the fundamentals of the country’s stock market, it said.
A rise in interest rates and geopolitical tensions has depressed the global stock market, which has negatively affected local stocks, Executive Yuan spokesman Lo Ping-cheng (羅秉成) told a news conference in Taipei.
Photo: CNA
Premier Su Tseng-chang (蘇貞昌) has delegated Vice Premier Shen Jong-chin (沈榮津) to head an interministerial effort to monitor the economy for signs of stock market problems and inflation, Lo said.
The National Development Council has said that the global economic outlook has dimmed due to the impact of the Russia-Ukraine war, US-China trade tensions and supply chain disruptions due to Beijing’s “zero COVID-19” policy, he said.
The IMF’s forecast for Taiwan’s GDP growth is 3.3 percent for this year and 2.8 percent for next year, indicating the country has outperformed the global average for the fifth consecutive year, Lo cited Su as saying.
The IMF also said that Taiwan has a lower inflation rate than other major economies, he said.
Lo cited Su as saying that a Directorate-General of Budget, Accounting and Statistics report on Aug. 20 forecast 3.76 percent GDP growth for this year and a 2.92 percent increase in the consumer price index.
The economy grew in terms of real output, fixed investments and consumption, he said.
Meanwhile, the Ministry of Economic Affairs said that revenue in the first eight months of this year at retailers and restaurant was the highest for the period on record, Su said.
The unemployment rate was 3.79 percent in August, the lowest for that month in 22 years, while the number of furloughed workers continued to drop, he said.
“Taiwan’s fundamentals remain sound,” Lo quoted Su as saying. “The responsible monetary and economic agencies will carefully deal with any effect from short-term factors.”
The government has implemented a five-phase plan to reduce tariffs on key raw materials, and stabilize oil and gas prices to bring inflation under control while officials continue to monitor the economic situation, he said.
If necessary, the government would take measures to ease pressure on the economy, he said, adding that the full reopening of the border would help revitalize sectors affected by the COVID-19 pandemic.
The Ministry of Finance this afternoon announced the winning numbers for the March-April uniform invoice lottery. The winning number for the NT$10 million (US$318,060) special prize is 19531471, and the winning number for the NT$2 million grand prize is 85941329. Three numbers were drawn for the NT$200,000 first prize: 07225810, 20231230 and 83518781. Those with receipts matching the last seven digits of any of the first-prize numbers will win the NT$40,000 second prize, while those matching the last six digits will win the NT$10,000 third prize. Those whose receipts match the last five digits of the first-prize numbers can claim the NT$4,000 fourth prize,
SIX SUBSIDIES: The monthly allowance for older farmers is to increase to NT$10,000, and NT$5,000 is to be given to homemakers under the national pension system, Lai said The government is to implement major welfare policies for disadvantaged groups, including raising the monthly allowance for older farmers to NT$10,000 and providing homemakers with NT$5,000 per month, President William Lai (賴清德) said yesterday. Lai made the remarks during a visit to Wangling Temple in Chiayi County, saying that the planned increases were being introduced amid economic growth and an increase in tax revenue. Touting a policy, in which the government plans to provide a monthly allowance of NT$5,000 for every child under the age of 18 in a bid to address Taiwan’s low birthrate, Lai said that if received for the
STAY COOL: The HPA recommended that people stay hydrated, use air-conditioning or fans while indoors, wear loose-fitting clothes and walk in the shade while outdoors Employers must implement measures such as installing cooling equipment, and providing drinking water and rest breaks for outdoor workers starting from Monday next week, the Taipei Department of Labor said on Sunday. Employers who fail to comply could face fines of NT$30,000 to NT$300,000 under the Occupational Safety and Health Act (職業安全衛生法), the department said. Businesses in Taipei employing fewer than 100 workers, as well as registered self-employed workers with labor insurance coverage, could receive on-site assessments and guidance from occupational safety consultants to help them apply for central government subsidies to implement or improve heat-protection measures, it said. Under the Ministry of
NATIONAL SECURITY: Authorities are working to confirm the identities of the military personnel involved and investigating possible illegal conduct and regulatory violations Authorities are probing possible national security implications after Kinmen police and immigration officers on Sunday found a Chinese woman allegedly posing as a tourist while engaging in prostitution involving more than 10 military personnel. The woman, surnamed Chen (陳), has since been deported, authorities said, adding that investigators are still working to confirm the identities of those implicated, as the records only listed code names and aliases. The case stemmed from a report received by the Kinmen District Prosecutors’ Office on Friday last week from the Jinhu Precinct of the Kinmen County Police Bureau. On Sunday, police, along with the National Immigration
RSS