Taiwan’s economy grew faster than that of any other Asian country in 2020. That’s according to the National Statistical Bureau’s recent advance estimates of economic growth.
The bureau says that Taiwan’s economy grew by 2.98% last year. That’s enough to unseat China as the fastest growing economy in Asia, a position it has held for the last 30 years.
A large part of Taiwan’s fast growth is down to the country’s effective management of the COVID-19 pandemic. To date, there have been no lockdowns, fewer than 1000 cases, and only nine deaths.
The bureau’s report also credits “strong demand for parts of electronics products” for driving economic growth. That’s a reference to a boom in the global market for semiconductors, tiny electronic devices that power most consumer electronics. Taiwan is a crucial link in the global semiconductor supply chain. It’s also home to TSMC, the world’s largest contract chipmaker. US trade group Semiconductor Industry Association estimates that semiconductor sales rose by 6.5% last year.
