Elixir random-access memory (RAM) made by Nanya Technology Corp. is arranged for a photograph in Taipei, Taiwan, on Tuesday, Jan. 22,2008. Nanya Technology Corp. is Taiwan s second-biggest computer-memory chipmaker. Photographer: Maurice Tsai/Bloomberg News
TAIPEI: Taiwan’s economy will probably grow at its fastest pace in seven years in 2021, the government said, forecasting that a global scramble for semiconductors will deliver a boost to the island’s exports.
Gross domestic product (GDP) will likely expand 4.64% in 2021, the statistics bureau said, compared to a forecast of 3.83% made late last year. Officials also revised up fourth-quarter GDP expansion to 5.09%.
The government more than doubled its estimate for 2021 export growth to 9.58% from 4.59%.
Taiwan Sounds Currency Warning as Chip Demand Fuels Exports
Bloomberg 2/22/2021 Bloomberg News
(Bloomberg) Taiwan more than doubled its forecast for export growth this year, but sounded a warning that the global scramble for computer chips is going to add further upward pressure on the local dollar. Stocks and the currency gained.
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Exports will likely rise 9.58% this year, compared with a previous estimate of 4.59%, the statistics bureau said Saturday. Gross domestic product may expand 4.64%, more than previously expected and up from a revised 3.11% in 2020, when it was one of the few significant economies to register growth.
“Our trade surplus was $58.8 billion last year,” said statistics chief Chu Tzer-ming. “We expect it to be $63.9 billion this year. This might lead to pressure on the Taiwan dollar to appreciate. Everyone should watch out for this.”
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