News


Cabinet sets GDP growth target of 2.5-3% over next 4 years
 

2017/02/02 22:57:59

 

Taipei, Feb. 2 (CNA) The Executive Yuan on Thursday approved a four-year economic development plan to increase growth in gross domestic product (GDP) to 2.5-3 percent over the next four years.

For 2017, the National Development Council (NDC) will target GDP growth of 2-2.5 percent, which is higher than a forecast from the Directorate General of Budget, Accounting and Statistics in November, which estimated grow of 1.87 percent for this year.

At a press 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 the government considers the GDP growth target to be one of its major challenges.

Lin said the Cabinet will instruct all government agencies to focus on boosting the local economy and achieving the economic growth target for the four-year period. He added that the Executive Yuan will observe the global economy closely so as to be ready to adjust economic growth plans, if necessary.

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 U.S. President Donald Trump's anti-globalization stance, a move by the United Kingdom to trigger its exit from the European Union, economic reforms in China and the U.S. 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 the upcoming challenges at home and abroad and work to strengthen the economy through policies to boost innovation, improve employment and effect 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.

In 2016, Kao said that the NDC expects Taiwan's GDP per capita 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 hit 3.9-3.93 percent.

For the next four years, the NDC is targeting GDP per capita of US$25,000 to US$26,000, a CPI of up to 2 percent and unemployment of 3.75-3.82 percent, Kao said.

(By Ku Chuan and Frances Huang)

 

Link, http://focustaiwan.tw/news/aeco/201702020029.aspx   

Ufficio di Rappresentanza di Taipei - Viale Liegi n.17, 00198 Roma | Tel. 06-98262800 - P. Iva 97076980586