Taiwan Economy
Taiwan is considered as the first ‘tiger economies’ in the Pacific region and has seen phenomenal growth since 1950. Since Taiwan lacks raw material sources, the reason for its rapid industrialization is its low-cost labor. The entire world is going through recession but this has still not affected Taiwan much, since it has massive reserves of foreign currency.
Although in 2001, Taiwan had seen a brief recession, the economy improved in 2007 with a growth rate of 5.5%. In 2002, Taiwan made its place in the World Trade Organization. The economic conditions and external politics of China have affected Taiwan’s economy significantly.
Taiwan Economy
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