After reeling from the effects of the Coronavirus pandemic and a global recession, it looks like Taiwan’s economy is not only getting back on its feet but also seeing a huge boom. According to media reports, the country’s economy flashed a red light for three consecutive months, indicating that it has reached the highest level of financial growth in the last 33 years.
According to reports published by National Development Council, Taiwan’s composite index of monitoring indicators, which reflects the current economic situation showed that it has increased one point between March and April. Standing at 41, the report mentioned that it has been the highest since 1987.
In order to mark how the economy is doing, the NDC uses a five-color system to indicate the condition of the country’s economy. The blue color indicates contraction, while green indicates stable growth in the economy. Red indicates a big economic boom, while the dual colors of yellow-blue and yellow-red refer to a transition.
While this is indeed amazing news that the country’s economy is thriving, the NDC expects that it might take a big hit because of the ongoing local Covid-19 outbreak, which is bound to have a negative impact on it. It is most likely to affect restaurants and wholesale business retail in the upcoming months. The NDC also indicated that how much the economy will be affected is yet to be determined by how well the country’s government is able to keep the Covid-19 pandemic under control.