Taiwan Economic information

Taiwan is an island country located in East Asia. Its economy is highly developed and export-based. Taiwan's economy is focused on the production and export of products such as high-tech products, electronic goods, computers and telecommunications equipment. Taiwan's GNP exceeded $600 billion in 2020 and per capita income is around $25,000. Having an advanced industrial infrastructure, Taiwan hosts the production centers of the world's leading technology companies. The driving sectors of Taiwan's economy are the electronics, semiconductor, computer, telecommunications, automotive and chemical industries. Taiwan is the center of companies with world-renowned brands, and the products of these companies are in demand around the world. Taiwan's largest trading partner is China. Besides exporting to China, Taiwan also trades with other Asian countries, the United States, and regions such as the European Union. Taiwan implements a number of policies that encourage investment to ensure economic growth and a stable business environment. Various incentives are offered to foreign investors and encourage export-oriented production through free economic zones. Taiwan's economy is also very strong in terms of international competitiveness. In the Global Competitiveness Report prepared by the World Economic Forum, Taiwan is among the most competitive economies in the world. However, Taiwan's economy also faces some challenges. Uncertainties, especially due to its political and economic relations with China, may affect Taiwan's economic growth. Additionally, demographic issues such as population aging and reduced labor supply may also affect Taiwan's economic future.