TAIWAN UPBEAT ON GROWTH DESPITE COVID SPIKE

TAIPEI: Taiwan’s economic prospects are bright and growth this year will come in as expected so long as the Covid-19 situation can be quickly brought under control, the government said yesterday, pointing to limited impact from a recent spike in cases. Export-dependent Taiwan raised its coronavirus alert level in the capital Taipei, and the surrounding city on Saturday, imposing two weeks of restrictions that will shut many venues and limit gatherings after a rise in community transmissions. In a statement after Premier Su Tseng-chang held a meeting with top economic officials, such as central bank governor Yang Chin-long and Economy Minister Wang Mei-hua, Taiwan’s Cabinet said they all agreed the outlook was good. The profits of listed companies have increased significantly over last year, and export orders are also performing well, it added. The current pandemic situation is having a short-term impact on consumers, but as long as infections can be controlled soon, added to a proposed NT$210 billion (RM31 billion) in government spending support, expectations for 2021 economic growth can be maintained, it said. Taiwan’s economy grew at its fastest pace in more than a decade in the first three months of 2021 as the “work from home” boom sparked strong global demand for the island’s hi-tech exports. In March, the central bank raised its 2021 estimate for GDP growth to 4.53% from 3.68% forecast in December and has said further upward revisions are likely. – Reuters