Taiwan Economy Profile 2019 | taiwan economy
Economy-overviewTaiwanhasadynamiccapitalisteconomythatisdrivenlargelybyindustrialmanufacturing,andespeciallyexportsofelectronics,machinery,andpetrochemicals.Thisheavydependenceonexportsexposestheeconomytofluctuationsinglobaldemand.Taiwansdiplomaticisolation,lowbirthrate,rapidlyagingpopulation,andincreasingcompetitionfromChinaandotherAsiaPacificmarketsareothermajorlong-termchallenges.FollowingthelandmarkEconomicCooperationFrameworkAgreement(ECFA)signedwithChinainJune2010,TaiwaninJuly2013signe...
Economy - overviewTaiwan has a dynamic capitalist economy that is driven largely by industrial manufacturing, and especially exports of electronics, machinery, and petrochemicals. This heavy dependence on exports exposes the economy to fluctuations in global demand. Taiwans diplomatic isolation, low birth rate, rapidly aging population, and increasing competition from China and other Asia Pacific markets are other major long-term challenges.
Following the landmark Economic Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan in July 2013 signed a free trade deal with New Zealand - Taipei’s first-ever with a country with which it does not maintain diplomatic relations - and, in November of that year, inked a trade pact with Singapore. However, follow-on components of the ECFA, including a signed agreement on trade in services and negotiations on trade in goods and dispute resolution, have stalled. In early 2014, the government bowed to public demand and...