The International Monetary Fund (IMF) says Taiwan is expected to overtake New Zealand to become the second fastest-growing economy in the Asia-Pacific Region.
According to a report by the Wall Street Journal on Tuesday, economists forecast that Taiwan’s 2015 GDP growth will be 3.5% or more. That would make Taiwan the second fastest-growing developed economy in Asia, behind only South Korea.
The report said Taiwan’s economy has recovered on the back of rising US demand. Taiwan’s exports to the US in November grew by 11% year on year. This is the biggest growth of any of Taiwan’s overseas markets. The report said Taiwan is an important link in the global electronics supply chain, and record exports of iPhone components will benefit Taiwan more than Japan or Singapore.