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May 20, 2021
Taiwan is facing major threats from a surge in coronavirus cases and drought-triggered power outages, potentially derailing one of Asia’s economic success stories this year.
The island has gone from zero local cases earlier this month to recording 1,226 domestic infections in the past five days alone and on Wednesday a soft lockdown was extended to the entire island. Schools were already closed, but the new rules mean masks are mandatory outdoors, with limits on social gatherings and the closure of many public facilities.
If cases remain high, Taiwan may be forced into a full lockdown, which would spread the pain from the retail sector to exports in an economy heavily reliant on trade. On top of that, a drought has left hydroelectric plants operating at limited capacity, contributing to power outages in major cities across the island, including locations where the world’s biggest computer chip businesses operate.
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Taiwan is facing major threats from a surge in coronavirus cases and drought-triggered power outages, potentially derailing one of Asia’s economic success stories this year.
The island has gone from zero local cases earlier this month to recording 1,226 domestic infections in the past five days alone, and stocks fell Thursday after a soft lockdown was extended to the entire island. Schools were already closed, but the new rules mean masks are mandatory outdoors, with limits on social gatherings and the closure of many public facilities.
If cases remain high, Taiwan may be forced into a full lockdown, which would spread the pain from the retail sector to exports in an economy heavily reliant on trade. On top of that, a drought has left hydroelectric plants operating at limited capacity, contributing to power outages in major cities across the island, including locations where the world’s biggest computer chip businesses operate.
2021/05/10 16:57 Taiwan s exports in Q1 were up 24.58 percent from the same period last year. Taiwan s exports in Q1 were up 24.58 percent from the same period last year. (CNA photo) TAIPEI (Taiwan News) After posting a decade-high 8.16 percent GDP growth in the first quarter of 2021, Taiwan will likely extend its export momentum even after the coronavirus pandemic subsides, according to Bloomberg. On April 30, the Cabinet-level Directorate-General of Budget, Accounting and Statistics (DGBAS) released statistics showing that Taiwan s economy is growing at its fastest pace since the final quarter of 2010. It said the growth was fueled by high foreign demand as well as strong domestic investment and consumption.
COVID-19: India’s virus surge could slow global recovery: DBS
By Kao Shih-ching / Staff reporter
A surge in COVID-19 cases in India is expected to slow a global economic recovery, DBS Bank Ltd (星展銀行) said yesterday, while maintaining its GDP growth forecast for Taiwan at 5 percent this year.
Taiwan reported stronger-than-expected 8.16 percent growth in GDP in the first quarter, beating the Singaporean bank’s 6.1 percent prediction from late March.
“If we judge solely by first-quarter economic growth, we can expect Taiwan’s whole-year GDP growth to climb to a range from between 6 to 7 percent,” Singapore-based DBS economist Ma Tieying (馬鐵英) said in a statement.