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Government sets 2014 economic growth target of 3.2 percent

Taipei--Taiwan is aiming for 3.2 percent economic growth over the next year, according to the 2014 National Development Plan passed by the Cabinet Thursday.

The growth goal is set alongside an unemployment target of less than 4.1 percent and an inflation target of under 2 percent.

The targets were set by the Council for Economic Planning and Development (CEPD) after taking into consideration the economic situations at home and abroad, Premier Jiang Yi-huah said, urging Cabinet agencies to strive to achieve or surpass the goals.

CEPD head Kuan Chung-ming (管中閔) said the 3.2 percent economic growth goal — higher than the 2.59 percent forecast made by the Directorate-Generate of Budget, Accounting and Statistics — partly reflects the CEPD's optimism about the economy.

He is highly confident that Taiwan can hit the targets in light of an improving world economy and expected boosts from a service trade pact signed in June with China and a free economic pilot zone project being pushed by the government, he said.

If that pact and the necessary laws for implementing the pilot zones clear the Legislative Yuan soon, it could boost Taiwan even beyond the new growth, unemployment and inflation targets, he said.

Minister without Portfolio Schive Chi (薛琦) was also optimistic on the targets, saying there is a 50 percent chance that Taiwan's economic growth will exceed 3.2 percent over next year.

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