Taiwan :

The Country

Cost of Living | Population | Economy | Currency | Geography | Mountains | Taipei | Taichung | Tainan | Kaohsiung

Economy of Taiwan

Taiwan is a strong capitalist economy with a well established export and service base. Years of investment in industry and export facilities have paid rich dividends to Taiwan’s population, who now enjoy the fourth richest currency reserves in the world. Taiwan continues to grow, and as relations with China thaw, it can be expected that trade with the mainland will also grow rapidly. 


Taiwan has a huge entrepreneurial drive with 1 in 7 Taiwanese owning a business of some sort. A large proportion of Taiwan’s businesses are therefore small and medium size. With such a huge entrepreneurial work force and with a conservative approach to investment Taiwan was able to avoid the harshness of the Asian Financial Crisis at the end of the last decade. 


Foreign investment continues to flood into Taiwan, and as the government loosens restrictions of foreign businesses and ownership, this should continue. Taiwan’s agriculture industry is an extremely small part of Taiwan’s overall economy accounting for less than 3%.
Taiwan’s largest companies have started looking outside of the country for cheaper labor, so for the growth to continue Taiwan is focusing more on technology and high end services. ESL teachers are paving the way for an even greater global economy by giving Taiwanese the tools to conduct higher end trade and services abroad.


Exports continue to be a high driver of growth although successful diversification have allowed Taiwan to move away from dependence on one trade partner, to a number of diversified countries with different needs and product demands. It is hoped that these moves will allow Taiwan to meet the challenges of the 21st century and adapt to the quickening pace of globalization.

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