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Cabinet OKs
6.1% growth target for 2000
The Executive Yuan approved the national development program for
2000 on Dec. 9th, including a rise of 1.7% in consumer prices and
a growth rate of 6.1% in GDP.
The economic growth target coincides with the same forecast of
6.1% by the Wharton Econometrics Forecasting Associates (WEFA) of
the U.S. in its October report on the global economic outlook.
Premier Vincent Siew said in spite of the impact from the
regional financial meltdown and the massive devastation from the
powerful earthquake in September, the nation will not only
achieve the economic growth target of 5.5% for 1999, but will
also move up to the sixth spot among world nations from 16th in
1998.
He said that the consumer price index will edge up only 0.2%, the
lowest annual increase since 1986.
He added that in order to achieve the target, domestic
consumption should make a contribution of 5.2 percentage points.
After Taiwan joins the World Trade Organization and further opens
the import market next year, domestic consumption is expected to
provide new momentum for overall economic growth.
Siew instructed the Cabinet-level Council for Economic Planning
and Development to help speed up the progress of major investment
projects, including the high-speed rail system, and help private
investors to overcome investment obstacles.
Published: December 10, 1999