Taiwan to expand 4.5% in 2011

09:17, December 29, 2010      

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Taiwan's economy is projected to grow a strong 4.5 percent in 2011 as its improving relations with the Chinese mainland will likely continue to bring major economic benefits to the island.

The prediction comes on the heel of 2010's remarkable 10-percent growth. Aside from a strong growth in exports, the launch of direct flights between the mainland and Taiwan and an increase in mainland tourists contributed to the rebound from the global financial crisis, Christina Liu, chairwoman of the island's economic planner, said yesterday.

Citing separate forecasts released by the International Monetary Fund, Liu said Taiwan's economy will slightly outperform South Korea, Singapore and Hong Kong - the three other fast-growing economies known as Asia's four little dragons - over the next five years, after lagging behind them during much of the last decade.

The IMF predicted in October that Taiwan will achieve growth rates of 4.4, 4.7, 4.9, 4.9 and 5 percent between 2011 and 2015.

Taiwan's economy grew at 3.8 percent on average between 2001 and 2008.

"The peaceful development and relaxation of trade restrictions across the Taiwan Strait were the most important first step" in bringing about the economic growth, Liu said.

Taiwan and Chinese mainland inked in June a wide-ranging trade deal - the Economic Cooperation Framework Agreement.

Source: Shanghai Daily
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