Government relief package to help Taiwan’s economy grow by 1.58%
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Government relief package to help Taiwan’s economy grow by 1.58%

TAIPEI (Taiwan News) — A government relief package will soften the impact of the Wuhan coronavirus (COVID-19) pandemic and allow Taiwan’s economy to grow by 1.58 percent this year, the Taiwan Institute of Economic Research (TIER) said Friday (April 24).

The International Monetary Fund (IMF) earlier saw the island’s Gross Domestic Product (GDP) as shrinking by 4 percent, while local business leaders still forecast growth but below 1 percent.

While the pandemic is affecting the global economy, there are signs that its impact is slowing down in several parts of the world, TIER said. In Taiwan, the outbreak has been relatively contained while the government has presented a NT$150-billion (US$4.98-billion) package of relief measures, which may even allow GDP predictions to be revised upward in the event of an early demise of the virus, according to the think tank.

TIER experts see the second quarter of the year as the worst period, with the economy recovering slowly during the remainder of the year. Their forecast for the whole year was more optimistic than other Taiwanese economists, CNA reported.
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