TAIPEI: Taiwan’s gross domestic product (GDP) grew by an annual 2.6 percent last year, driven by the efforts of the public and private sectors. The 2.6 percent growth was a significant improvement from the previous year, as the government’s efforts to strengthen the country’s economic fundamentals have paid off, said Lai, disclosing the 2017 figure before the release of the data by the Directorate General of Budget, Accounting and Statistics (DGBAS).
In November, the DGBAS forecast Taiwan’s 2017 GDP growth at 2.58 percent, after a 1.41 percent increase in 2016. Lai said Taiwan has been on the path to economic recovery as President Tsai Ing-wen has been prioritizing economic development in the government’s policies. The government has been working to remove investment barriers and has implemented a 3-percent pay raise for civil servants, teachers and military personnel as part of its economic stimulus efforts, he said.
