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42 Taiwan Development Perspectives 2009 130.00 130.00 Figure 7. Indices of total factor productivity of service secto Figure 7. Indices of total factor productivity of service sector Trade 120.00 120.00 110.00 100.00 110.00 Real estate & rental & leasing Professional,scientific & technicalservices Accommodation & Eating-drinkingPlaces Transport, storage & communication Finance & insurance Health care services 90.00 2001 2002 2003 2004 2005 2006 100 00
What’s Wrong with Taiwan’s Economy? Impact of Globalization 43 Table 4 presents the output growth of domestic industries. After 2001, the economic growth was actually sustained by manufacturing industries. However, starting from the third quarter of 2008, manufacturing industries failed to grow, with the rate of growth dropping significantly from 10 percent to only 0.03 percent. Most service industries registered a negative growth. Those which did not were health and social welfare services, education service, and professional, science and technology services. The slow growth in production was also reflected on the reduction of employment and a surge in unemployment. Table 5 shows changes in employment by various industries. In September and October of 2008, most industries experienced an across-the-broad reduction in employment. Notable exceptions are professional, science and technology services and health and social work services, which have a positive change of 5 to 6 percent. Low employment generated high unemployment. After July of 2008, unemployment surpassed 4 percent and kept going up until it hit 5.03 percent in December with an average duration of joblessness lasting 26.19 weeks. The broadly-defined unemployment rate, which includes those who want to work but do not try to find a job, climbed to 6.46 percent. The aggregate unemployment rate in 2008 was 4.14 percent, up by a 0.23 percentage point over 2007. Joblessness hit older workers hardest. Those jobless workers aged between 45 and 64 numbered 88,000 out of the total of 450,000, an increase of 18.23 percent (13,000) over the previous year. Another hard hit group of workers is those with university education or higher. Unemployment rose to 4.78 percent among university graduates and those with advanced degrees. Table 6 shows unemployment by educational attainment and age.
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CONTENTS Preface Overview ix xi Foc
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Agriculture and Fisheries Impact of
Page 6 and 7: CHUANG, Yih-chyi( 莊奕琦 ) Pro
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