Economy of Taiwan
The economy of Taiwan is the 5th largest economy in Asia, and is included in the Advanced economies group by the International Monetary Fund, and ranked 15th in the world by the Global Competitiveness Report of World Economic Forum, has a developed capitalist economy that ranks as the 19th-largest in the world by purchasing power parity (PPP), ranks as 18th in the world by gross domestic product (GDP) at purchasing power parity per capita (person), and 24th in nominal GDP of investment and foreign trade by the Republic of China (ROC) government, commonly referred to as Taiwan. The economy of Taiwan ranks the highest in Asia for 2015 Global Entrepreneurship Index (GEI) for specific strengths. Most large government-owned banks and industrial firms have been privatized. With the technocracy-centered economic planning under martial law until 1987, real growth in GDP has averaged about 8% during the past three decades. Exports have grown even faster and since World War II, have provided the primary impetus for industrialization. Inflation and unemployment are low; the trade surplus is substantial; and foreign reserves are the world's fourth largest. Agriculture contributes 3% to GDP, down from 35% in 1952, and the service sector makes up 73% of the economy. Economy of Taiwan is an indispensable partner in the Global Value Chains of Electronics Industry. Electronic components and personal computer are two areas of international strength of Taiwan's Information Technology industry. Institute for Information Industry with its international recognitions is responsible for the development of IT industry and ICT industry in Taiwan. Industrial Technology Research Institute with its global partners is the advanced research center for applied technology for the economy of Taiwan.
Taiwan is characterized as one of the Newly industrialized economy in the wake of the Ten Major Construction Projects since 1970's. Since 1990's, the economy of Taiwan has adopted economic liberalization with the successive regulatory reforms. London Metal Exchange, the largest metal stock exchange in the world, approved Kaohsiung, Taiwan as a good delivery point for primary aluminium, aluminium alloy, copper, lead, nickel, tin and zinc and as the LME's ninth location in Asia on 17 June 2013, for future contracts on metals and industrial production of the global integration of the economy of Taiwan. The economy of Taiwan has the world's highest modern convenience store concentration density. The economy of Taiwan is ranked 15th overall in the Global Top 20 Top Destination Cities by International Overnight Visitors (2014) by the MasterCard 2014 Global Destination Cities Index.
The economy of Taiwan also applied for the membership in the Asian Infrastructure Investment Bank in 2015.Taiwan's top five trade partners in 2010 are China, Japan, USA, the European Union and Hong Kong.
The economy of Taiwan, compared with other major economies in the region, is "at a crossroad", and facing economic marginalization in the world economy, in addition to de-internationalization, low-paid salary to employees and uncertain outlook for personal promotion of staff, which results in human resource talents seeking career opportunities elsewhere in the Asia-Pacific region, and businesses in Taiwan suffer most from being the size of small and medium enterprises only with weaker-than-expected revenue of its hectic business operation for any consideration of further expansion, and overall impedes any attempt at economic transformation of the economy of Taiwan from the Taiwan government. Industry
Industrial output has gradually decreased from accounting for over half of Taiwan's GDP in 1986 to just 31% in 2002. Industries have gradually moved to capital and technology-intensive industries from more labour-intensive industries, with electronics and information technology accounting for 35% of the industrial structure. Industry in Taiwan primarily consists of many small and medium-sized enterprises (SME) with fewer large enterprises. Information technology
Taiwan's information technology industry has played an important role in the worldwide IT market over the last 20 years. Twenty of the top information and communication technology (ICT) companies have International Procurement Offices set up in Taiwan.
The "e-Taiwan" project launched by the government seeks to use US$1.83 billion to improve the information and communications infrastructure in Taiwan in five major areas: government, life, business, transport, and broadband. In 2010, Taiwan's software market grew by 7.1% to reach a value of US$4 billion, accounting for 3.3% of the Asia-Pacific region market value. Agriculture
Agriculture has served as a strong foundation for Taiwan's economic miracle. Agriculture became the foundation for Taiwan's economic development during early years and served as an anchor for growth in industry and commerce. Where as in 1951 agricultural production accounted for 35.8% of Taiwan's GDP, by 2013 it had been vastly surpassed and its NT$475.90 billion accounted for only 1.69% of the GDP. As of 2013, Taiwan's agriculture was a mixture of crops (47.88%), livestock (31.16%), fishery (20.87%) and forestry (0.09%).
Taiwan's main crops are rice, sugar cane, fruits (many of them tropical), and vegetables. Although self-sufficient in rice production, Taiwan imports large amounts of wheat, mostly from the United States. Meat production and consumption has risen sharply, reflecting a high standard of living. Energy
Due to the lack of natural resources on the island, Taiwan is forced to import many of its energy needs (currently at 98%). Imported energy totaled US$11.52 billion in 2002, accounting for 4.1% of its GDP. Although the industrial sector has traditionally been Taiwan's largest energy consumer, its share has dropped in recent years from 62% in 1986 to 58% in 2002. Taiwan's energy consumption is dominated by crude oil & petroleum products (48.52%), followed by coal (29.2%), natural gas (12.23%), nuclear power (8.33%), and hydroelectric power (0.28%).
Taiwan is the world's 4th largest producer of solar-powered batteries and largest LED manufacturer by volume. In 2010, the green energy sector generated US$10.97 billion in production value. The government also announced plans to invest US$838 million for renewable energy promotion and an additional US$635 million for research and development.
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