Taiwan's GDP growth set to grow 3.8% next year

Taiwan said its per-capita gross domestic product (GDP) is set to grow 3.8 percent to US$21,412 in 2013. Earlier, the Directorate-General of Budget, Accounting and Statistics forecast that the GDP will grow 3.15 percent next year.

The Council for Economic Planning and Development (CEDP) said consumer price increases and the unemployment rate will be capped at 2 percent and 4.1 percent, respectively, according to Taiway Today published by the country's foreign ministry.

The Cabinet approved the CEPD’s four-year national development plan on Dec. 17, which calls for an average GDP growth of 4.5 percent between 2013 and 2015. The jobless rate is projected to fall to 3.9 percent.

A CEPD official said that with global economic uncertainties, exports, public spending and private consumption will not be sufficient to drive Taiwan’s growth next year, Taiwan Today said.

Private investment must play an even more important role, the official said. For the local economy to expand 3.8 percent, private investment will need to rise 10 percent in 2013, he said.

The government will continue to implement stimulus packages and investment promotion projects to achieve its targets, the official said.

Park Sae-jin swatchsjp@ajunews.com