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Taiwan’s GDP forecast to grow 3.02% in 2024

Taiwan is forecasted to experience a 3.02% GDP growth next year, according to Academia Sinica. This anticipated growth, driven by a surge in exports linked to emerging technologies like artificial intelligence, is a significant increase from this year’s expected 1.34%. The growth is attributed to rebounds in exports of information and electronic devices and an increase in private consumption. Exports, especially in merchandise and services, are expected to rise 6.23% in contrast to this year’s 4.39% decline. Investment in IT and green energy sectors is also predicted to grow. Academia Sinica forecasts a 3.05% increase in private investment and a 3.01% rise in private consumption, bolstered by wage hikes and greater cross-border travel. However, uncertainties in the global economy and China’s tariff changes on Taiwanese products remain potential risks.


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