Taiwan has set a goal of achieving an annual economic growth rate of 2.8%-3.6% over the next four years, with plans to increase the overall output of the technology industry to approximately $1 trillion during that period. The government also aims to raise gross domestic product per capita to around US$40,000, stabilize inflation below 2%, and maintain a jobless rate between 3.2%-3.5% according to the National Development Plan for 2025-2028.
The cabinet highlighted Taiwan’s economic strength by projecting that GDP per capita will surpass that of South Korea next year. Despite global challenges, Taiwan’s economy, which is primarily driven by exports of high-tech products supporting artificial intelligence development, expanded by 5.09% in the second quarter. The value of AI output is expected to reach NT$1 trillion ($31 billion) by 2026.
In response to the growing demand for AI technologies, Taiwan’s benchmark stock index reached a record high in July, driven by companies like Taiwan Semiconductor Manufacturing Co., a key supplier to tech giants such as Apple Inc. and Nvidia Corp. The country’s statistics bureau will provide updated growth rates for the second quarter of 2024 and forecasted growth for 2025 later this week.
This article was sourced from official statements from the Cabinet and does not mention specific company names.
