Taiwan’s economy has performed well amidst Coronavirus

Compared to most Asian countries, Taiwan’s economy has been performing well due to the fact that
how well the country has been handling the coronavirus outbreak, according to an economist from
research house Capital Economics.
Irrespective of the fact that the country is close to mainland China, Taiwan reported just 447 coronavirus
cases and seven deaths out of 24 million inhabitants. The country which succeeded in flattening the
curve of the cases received global praise for its measurements involving early screening and border
controls.
The recent data showcases that Taiwan’s economy has been holding up “extremely well,” said so Capital
Economics on a note last Friday, citing industrial production that surged 1.5% in May from last year.
Although this was below the 4.2% on-year growth in April, “it was still much stronger than most other
countries in Asia,” wrote Gareth Leather, senior Asia economist.
Two of Taiwan’s peers, South Korea and Singapore, illustrated a negative growth for industrial
production in May.
“A key reason for the strong performance was that Taiwan never had to lock down its economy, so
manufacturing plants have continued to run as normal,” Leather added.

(Reference: CNBC)