Taiwan’s GDP is likely to drop to its lowest point in five years in 2020 as the COVID-19 coronavirus pandemic hurts domestic consumption and the job market, though strong global demand for electronics could cushion the blow for the trade-reliant island.
Taiwan’s economy, a key part of the global technology supply chain, is likely to grow 1.67% this year, the Directorate General of Budget, Accounting and Statistics said on Thursday, again downgrading its outlook.
In February it forecast full year growth at 2.37%, but in April the agency’s chief told parliament it was more likely to be 1.3%-1.8%.
The statistics agency said the pandemic has hit the island’s consumption, especially the services sector and tourism, but still-strong global demand for electronics helped offset some of the impact, thanks to the growing need for telecommuting as more people work from home to reduce the risk of infections.
MacDailyNews Take: Hopefully, as more countries get back to buisness, GDPs everywhere will rise from the COVID-19 depths!