At today's Cabinet meeting, Premier Jiang Yi-huah asked ministries to actively originate and promote measures to stimulate the domestic economy, especially through industrial development and transformation, investment promotion, foreign trade and job creation, to take advantage of the opportunity presented by the global economic recovery expected this year.
The global recovery is expected to be led by developed countries. The scale of growth is not projected to be large, however, due to the persistence of international risk factors such as the influence of the abatement of the United States' quantitative easing policy, financial fluctuations in new and emerging markets, and the slowdown of the mainland Chinese economy, the premier pointed out. He asked the nation's financial and economic agencies to pay close attention to these factors and the impact they could have on Taiwan's economy.
The premier made these remarks after a briefing by the National Development Council (NDC) on current economic trends. According to the NDC, the world economy is expected to grow 3.3 to 3.7 percent this year, the most since 2011, thanks to the momentum provided by the U.S. recovery.
The Directorate-General of Budget, Accounting and Statistics predicts that the ROC will benefit from this stable global economic growth as well as stronger domestic demand to sport an annual growth rate of 2.82 percent, besting last year's figure of 2.11 percent.
The major drivers of Taiwan's economy this year are expected to be the maintenance of export momentum due to the global recovery, increase in private consumption, continued investment growth and stronger domestic demand.