Premier Jiang Yi-huah demanded that ministries make a total effort to step up implementation of the government's economic stimulus plans after being briefed on the state of the economy by the Council for Economic Planning and Development (CEPD) at today's Executive Yuan Council Meeting.
According to the Directorate-General of Budget, Accounting and Statistics, Taiwan's gross domestic product grew 1.67 percent year-on-year in the first quarter of 2013. Compared with the other "Asian tigers," this figure was lower than Hong Kong's 2.8 percent but higher than South Korea's 1.5 percent and Singapore's 0.2 percent. Nonetheless, this quarterly growth is far below Taiwanese citizens' expectations, the premier admitted.
To stimulate consumption, revitalize investment and reinvigorate the economy, the government has put forward 13 immediate measures covering four aspects to rejuvenate the economy. The premier told ministries they must go full throttle to implement these policies.
Jiang also pointed out that mid- and long-term adjustments to the industrial structure, such as attracting foreign investment and luring overseas Taiwanese businesses to invest in Taiwan, cannot be suspended for a single moment. Hence, he asked the various ministries to continue full speed ahead with the Economic Power-Up Plan launched last September to generate more investment and job opportunities to bolster the nation's economy.
The CEPD stated that the global economic recovery has not been as robust as anticipated this year because of the European Union's prolonged recession and the instability of growth in the United States and mainland China, and the pace of the domestic economic revival has likewise been slower than projected. Nevertheless, growth is expected to rise with each quarter, and a bright future is foreseeable on the horizon, the agency says.