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46 Taiwan Development Perspectives 2009 Year & month Total Junior high & below Senior high & vocational Junior college & above 15-24 years 25-44 years 45-64 years 65 years + graduate schoo Change in percent from last month Change in percent from the same month of last year Chg. betw. cum.ave of last month and that of same month last year Source: Monthly Bulletin of Manpower Statistics, DGBAS, Executive Yuan, Taiwan, R.O.C. NoteComparison referred here is about the percentage of change.
What’s Wrong with Taiwan’s Economy? Impact of Globalization 47 Apparently, weak domestic demand and sluggish foreign trade in 2008 caused the slowdown in aggregate productivity, lower growth of production, and higher unemployment. IV. Discussions and Policy Recommendations Taiwan’s economy needs a further structural transformation to cope with the low economic growth and high unemployment. In particular, modernization of the service sector should be given top priority, for it may increase labor productivity and create more job opportunities to reduce unemployment. The government has taken measures to stimulate the economy. An expansionary monetary policy is being enforced. Consumers’ vouchers are issued. Preferential tax treatment is given businesses firms that promise not to lay off workers. Estate tax is reduced. But all these measures aimed to meet the stringent economic climate in the short run. Their effect tends to be temporary. A forward-looking strategy with a global perspective is needed to cope with the challenges arising from the current financial crisis that is engulfing the world. That strategy has to be framed to address structural transformation of the economy and the problems arising from economic globalization. 1. Structural Transformation The Taiwan economy has to undergo structural transformation to stimulate and maintain domestic consumption and investment. Change should take place in fields. a. Construction of infrastructure: Airports, harbors, and other public works, including bridges and highways, other transportation facilities, such as bridges, have to be rebuilt or renovated. Furthermore, special economic operation zones should be set up, with considerations taken for their geographical location and industrial clustering, to upgrade domestic industries planning to manufacture high value-added products. Plants in the zones have to prove they are able to realize an international division of labor in production, while those whose production process is environment-friendly and/or ecologically oriented should be given preference to operate. Traditional labor-intensive industries or those plants manufacturing low value-added products should be excluded. Multinational corporations are welcome to establish their headquarters or locate their regional operation centers in the zones. Moreover, investment in infrastructure should not be confined to physical capital only, from long-term perspective investment should contain software infrastructure such as human capital, social capital, cultural capital, and institutional capital to facilitate the development of creative economy in Taiwan. b. Transformation of the service sector: The service sector yields 70 percent of Taiwan’s GDP, but employs only 58 percent of its workforce. Moreover, the labor productivity of the service sector grows far less than that of the manufacturing sector. It is crucial to modernize the service sector, which includes financial and insurance services, producer services, education and culture services, tourist and recreation services, and health services. Furthermore, those service industries should aim at expansion to the international market. For example, local culture and geographical features should be emphasized in recreation and sightseeing to attract international tourists and higher education internationalized to enlarge and enrich knowledge and technology spillover. Most importantly, the growth of the modernized service sector not only contributes to higher value-added production but also creates abundant new job opportunities to make up for the loss due to outsourcing and offshoring production, helping ease the pressure of high unemployment since 2000. c. High-skilled and talented workers from abroad: The upgrading of technology and industrial structure requires an infusion of high quality human resources. Education and on-the-job training are important means to cultivate domestic skilled labor. That is a
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CONTENTS Preface Overview ix xi Foc
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Agriculture and Fisheries Impact of
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CHUANG, Yih-chyi( 莊奕琦 ) Pro
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TAN, Ching-yu( 譚瑾瑜 ) Associ
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