Taiwan’s economy is projected to outpace both South Korea’s and Japan’s in 2022. That’s according to a report on Thursday from BusinessKorea based on the International Monetary Fund’s (IMF) predictions.
The IMF is an international institution that is a major financial agency of the United Nations. The IMF’s predictions say Taiwan’s economic growth will be the highest in East Asia for the first time ever.
The IMF says Taiwan’s GDP per capita will grow to US$ 35,510 this year. By comparison, the forecast for Japan’s and South Korea’s per capita GDP stands at US$ 34,360 and US$ 33,590, respectively. The difference between Japan’s and South Korea’s respective GDP predictions is also the smallest on record.
BusinessKorea says Taiwan’s booming semiconductor business is pushing the accelerated growth rate. The report adds that Taiwan’s economy did not experience the negative economic effects of the COVID-19 pandemic as severely as other countries.