We have talked a lot about the political and geographical scene in Taiwan. By this time, everyone must be aware that there is tension between China and Taiwan regarding various factors. Apart from that, Taiwan’s Presidential Elections are coming next year. In between all that, we know that one factor that could help the current Taiwan President Tsai Ing-wen is the economy of Taiwan. You must be aware that the current economic conditions around the world are not great. This is mostly because of the US-China trade war which has resulted in most of the global economies going through a slowdown.
However, we can now report that Taiwan’s economy is not one of them. The reason being that the third-quarter numbers of Taiwanese economy growth were just released over the weekend. And the numbers reveal that Taiwan’s economy actually grew by 2.91% in Q3 2019. This is in contrast to the US and Chinese economies which grew but by a small margin. Looking at the Asian economies too, Taiwan’s economic performance turned out to be better than South Korea, Hong Kong and Singapore.
It was predicted that the Taiwanese economy will grow by 2.67% but the actual performance turned out to be better than expected. In contrast, Hong Kong’s economy shrunk by 2.9% which was expected due to the protests going on out there from months. While Singapore’s economy grew by just 0.1% and South Korea’s economic growth was 2% in the same period.
Also, Taiwan Central Bank’s board of directors have advised against cutting interest rates as countries like the US and China have done since Taiwan’s economy grew better than expected. Looking at the economic growth in a political way, President Tsai would feel comfortable about the numbers which could put her ahead when it comes to getting re-elected for the second and final term next year.