Premier Su Tseng-chang on Thursday received a National Development Council briefing on the current status of the economy and related economic measures. The International Monetary Fund forecasts that Taiwan's GDP growth will be 3.3% in 2022 and 2.8% in 2023, and this year will mark Taiwan's fifth consecutive year surpassing the global GDP growth rate. The Directorate-General of Budget, Accounting and Statistics (DGBAS) similarly anticipates that Taiwan's GDP growth will reach 3.76% this year, while the consumer price index will increase 2.92% from a year earlier.
The premier said the government has been taking action to stabilize commodity prices by implementing five rounds of tax-reduction measures on key raw materials, as well as adjusting oil, electricity and gas prices. The government will continue with various follow-up measures to prevent price instability, while taking advantage of the reopening of the nation's borders to help accelerate the recovery of industries impacted by the pandemic.
Premier Su said that according to DGBAS projections, real exports, fixed investment, and private consumption in Taiwan will all grow this year. The Ministry of Economic Affairs also announced that between January and August, revenue in the retail sector and the food and beverage sector both set same-period historical highs, the labor market was stable, the number of workers facing reduced shifts or furloughs continued to fall, and the August unemployment rate of 3.79% was the lowest for the same period in 22 years.
The premier went on to say that recent U.S. interest rate hikes, geopolitical tensions and plunging global stock markets have increased volatility in the domestic stock and foreign exchange markets, but although the Taiwan economy is feeling short-term impacts, its fundamentals remain sound.