Taiwan government plans to give cash payouts of nearly $200 to every of its citizen this year. The payout will come from the Island’s economic growth, said Premier Su Tseng-chang.
The export-reliant economy, a global tech powerhouse for products including semiconductor chips, grew 6.45% in 2021, the fastest rate since it expanded by 10.25% in 2010.
Also, the government has made plans to plow an extra T$380 billion ($12.4 billion) despite the expected slow economic growth in 2022 and 2023.
Premier Su said a total of T$140 billion which is a part of the tax revenue would be spent on citizens of Taiwan as cash payouts and each citizen would get T$6.000 ($195.61).
With this, citizens of Taiwan will get to enjoy the fruit of their economic achievements which will be shared by all citizens, from young to old.
In addition, The Taiwan government wishes all of their citizens a New year Blessing after the beginning of the Lunar New Year refers to the week-long holiday that starts on January 20.
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What you should know about Taiwan.
Taiwan is a key producer of semiconductors used in producing everything from cars and smartphones to fighter jets.
Furthermore, The nation’s economy has continued to grow stably even through the COVID-19 pandemic, and in recent years helped by strong chip demand for consumer electronics as more people worked from home.
Taiwan’s central bank in December cut its 2022 estimate for gross domestic product (GDP) growth from its previous forecast of 3.51% in September to 2.91%
The gross domestic product has been projected to grow by 2.53% by 2023. The economy grew 4.01% in the third quarter from a year earlier. $1 = 30.6740 Taiwan dollars).
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