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Taiwan’s economy has held up ‘extremely well’ despite the coronavirus, says economist

Taiwan’s economy has held up better than most Asian countries, thanks in part to how well it handled the coronavirus outbreak, said an economist from research house Capital Economics. Despite its proximity to mainland China, Taiwan has reported just 447 coronavirus cases and seven deaths in a population of 24 million people. Its success in keeping the lid on cases has garnered global praise for its strategy involving early screening and border controls. Recent data shows that Taiwan’s economy has held up “extremely well,” said Capital Economics in a note last Friday, citing industrial production that was up 1.5% in May from a year ago. Although this was lower than the 4.2% on-year growth in April, “it was still much stronger than most other countries in Asia,” wrote Gareth Leather, senior Asia economist. Two of Taiwan’s peers, South Korea and Singapore, recorded negative growth for industrial production in May. “A key reason for the strong performance was that Taiwan never had to lock down its economy, so manufacturing plants have continued to run as normal,” Leather noted. Capital Economics is forecasting a 2% decline in Taiwan’s 2020 GDP.

News Source:- https://www.cnbc.com/2020/06/29/taiwans-economy-has-held-up-extremely-well-despite-the-coronavirus.html