CEPD targets 3.8% economic growth in '13
CNATAIPEI--The Council for Economic Planning and Development (CEPD), Taiwan's top economic planner, has set a target of raising the country's gross domestic product (GDP) growth to 3.8 percent in 2013, according to the latest economic development paper released by the council Saturday.
March 10, 2013, 12:13 am TWN
As the global economy is on the way to recovery, the domestic economic fundamentals are staging a rebound, prompting the CEPD to become more upbeat about the local economic climate.
In 2012, Taiwan's economy grew by only 1.26 percent from a year earlier, easing from an annual increase of 4.07 percent recorded in 2011, largely because of weak global demand.
However, the Directorate General of Budget, Accounting and Statistics (DGBAS) has forecast Taiwan's GDP growth will hit 3.59 percent for 2013, citing an increase in exports and private consumption as a reason.
The DGBAS even raised its forecast of Taiwan's 2013 GDP growth from the previous estimate of 3.53 after the country posted better-than-expected economic growth in the fourth quarter of 2012. The DGBAS said momentum is likely to continue into this year.
According to the CEPD paper, the council aims to improve the local investment environment, speed up the pace of an industrial upgrade, push for development in the rural areas to strengthen the overall economic structure and eventually hit its GDP growth target.
According to the CEPD paper, the council has also set a target of US$21,412 (NT$633,795) in per capita GDP for 2013, up from US$20,378 recorded in 2012, while the jobless rate is expected to fall to 4.1 percent from 4.24 percent a year earlier.
The council has also set a goal of keeping Taiwan's inflation within 2 percent this year. In 2012, Taiwan's consumer price index rose 1.93 percent from a year earlier.
Regarding attracting more investments in Taiwan, since November 2012, the council said the government has approved 24 investment projects filed by Taiwanese investors operating overseas. The companies plan to pour NT$172.4 billion (US$5.82 billion) into the country, and once the projects are realized, the investments are expected to add about 26,000 jobs in the local market, according to the council.
Kuan Chung-ming, head of the CEPD, is scheduled to attend an economic sub-committee of the Legislative Yuan on March 11 to report the economic development paper and take questions from lawmakers.