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DBS predicts significant GDP growth for Taiwan

DBS Bank forecasts a robust 3.5% GDP growth for Taiwan in 2024, a notable increase from last year’s 1.1%, fueled by a rebound in exports and private investment, especially in the semiconductor sector. The global semiconductor market is anticipated to grow by 13.1-20.2%, according to DBS economist Ma Tieying. Major chip manufacturers like Taiwan Semiconductor Manufacturing Co and United Microelectronics Corp are central to this growth, with TSMC expecting a 25% revenue increase this year. Despite a decline in electronic component exports last year, recent data indicates a slowing in the contraction. The strong semiconductor sector, coupled with stable employment and income conditions, underpins the optimistic outlook for Taiwan’s economy. The central bank is expected to maintain a neutral monetary policy in response to these positive trends.


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