At the Cabinet meeting today, Premier Chang San-cheng enjoined the Ministry of Economic Affairs to continue implementing measures to transform industries and bolster exports.
The premier noted that current global economic conditions have yet to bring optimism, and as an export-oriented economy, Taiwan will inevitably be affected. The Directorate-General of Budget, Accounting and Statistics recently revised its forecast for the nation's 2016 economic growth down to 1.47 percent due to weak global demand. The slack global economy has affected the nation's exports, highlighting the necessity of diversifying Taiwan's export products and markets and transforming its industrial structure, Chang said.
The premier directed relevant ministries and agencies to thoroughly carry out measures for revitalizing the economy, including the short-term stimulus to boost consumer spending and government expenditures and the medium- to long-term programs to encourage innovations and startups, Productivity 4.0 plan, and Measures to Consolidate and Bolster Economic Structure.
Chang made these remarks after a briefing by the National Development Council (NDC) on the current economic situation. The NDC stated that the global economy has been sluggish this year; Global Insight forecasts global growth will be 2.7 percent in 2016, just a little higher than last year's 2.6 percent. Taiwan's growth has been low in the first quarter but is expected to successively rise every quarter thereafter. Growth in domestic demand has remained stable and is similar to last year thanks to expanded government expenditures and incentive measures as well as continued high-end investments by the semiconductor industry and its peripheral businesses.