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36 Taiwan Development Perspectives 2009 Table 1 Taiwan’s Annual Average Economic Performance Unit: % 1960s 1970s 1980s 1990s 2000-2007 Economic growth rate 9.17% 10.31% 8.18% 6.51% 4.07% Unemployment rate 3.31% 1.65% 2.07% 2.04% 4.26% Inflation rate 3.39% 9.53% 4.64% 2.88% 0.89% Saving rate 20.18% 30.88% 33.12% 27.43% 26.79% Investment rate 21.21% 29.37% 23.4% 23.97% 20.13% Export growth rate 33.83 32.62 15.73% 6.70% 9.66% Source: Directerate-General of Budget, Accounting, and Statistics, Executive Yuan, R.O.C. Suffice it to say that the slowdown in Taiwan’s economy since 2000 is not due to its foreign investment and trade, especially with China, but to stagnant domestic consumption and private investment, which lowered domestic final demand and suppressed domestic capital stock formation, further decreasing the economic growth momentum. Figure 2 shows that after 2001 the share of exports to GDP increased while that of domestic consumption to GDP declined. Furthermore, Figure 3 shows that except 2004 the growth rate of domestic consumption and investment remained stagnant, averaging below 2 percent, while that of exports stayed at about 10 percent. Taiwan’s FDI in China contributed to the growth of its exports because of the vertical division of labor across the Strait. Taiwan has registered a surplus in trade with China every year since it began. The surplus topped US$18.29 billion in 2007. Table 2 shows the contribution of various final expenditures to economic growth. It is clear from Table 2 that the major factor contributing to economic growth is exports. Without foreign trade, the growth rate would
What’s Wrong with Taiwan’s Economy? Impact of Globalization 37 be a mere 2 percent. Sluggish domestic consumption and private investment are factors that contributed to the slowdown of Taiwan’s economy since 2000. How to stimulate domestic consumption and encourage private investment becomes the government’s first priority economic recovery plan.
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