Tiawan's growth reachs the highest level in 5 years(this is a much bigger VCD market than Hong Kong) Warning that the true impact of today may not be seen for 2 to 6 months...............................
taipei.org
TAIWAN'S ECONOMIC GROWTH TO REACH 6.72 PERCENT THIS YEAR
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Taipei, Nov. 26 (CNA) Taiwan's economic growth is expected to reach 6.72 percent this year, the highest level in the past five years, the Ministry of Economic Affairs (MOEA) said on Wednesday.
MOEA officials said Taiwan's growth rate is expected to jump from 13th to fourth place in the world, behind only mainland China, Vietnam and India.
The officials said that consumer price index grew 1.1 percent this year, the lowest in the past decade, showing that Taiwan's high economic growth with low price levels assures the country of first place in economic performance of the four "Asian tigers."
However, Chang Yao-chung, director general of the Statistics Department under the Ministry of Economic Affairs, admitted that the impact on prices of the recent depreciation of the new Taiwan dollar which began in mid-October will only become visible in two to six months from now.
Chang said that imported goods will suffer the greatest direct impact of the NT$ devaluation, followed by wholesale prices, and then consumer prices.
The Statistics Department predicted that Taiwan's economic growth will be 6.46 percent next year, while the per capita gross national product will drop to US$13,245 from US$13,303 this year because of the currency devaluation. (By Lilian Wu) |
