TAIPEI, Jan 4 (Reuters) – Taiwan plans to give cash payouts of almost $200 to each citizen this 12 months, Premier Su Tseng-chang introduced on Wednesday, saying the island’s financial development shall be shared by everybody.
The export-reliant financial system, a worldwide tech powerhouse for merchandise together with semiconductor chips, grew 6.45% in 2021, the quickest fee because it expanded 10.25% in 2010.
While financial development is predicted to sluggish in 2022 and 2023, the federal government has made plans to plough an additional T$380 billion ($12.4 billion) in tax income from final 12 months again into the financial system to assist defend the island from world financial shocks, together with subsidies for electrical energy costs and labour and health insurance coverage.
Su stated a complete of T$140 billion, a part of the tax income, could be spent as cash payouts and every citizen would get T$6,000 ($195.61).
“The fruit of economic achievements will be shared by all citizens, from young to old,” Su informed reporters, including the potential payout requires approval from parliament, the place the ruling Democratic Progressive Party has a majority.
“We wish to give all citizens a New Year blessing after the beginning of the Lunar New Year,” Su informed reporters, referring to the week-long vacation that begins on Jan. 20.
He didn’t give particulars of how the federal government would ship the payouts.
Taiwan is a significant producer of semiconductors used in every little thing from vehicles and smartphones to fighter jets. Its financial system continued to develop stably through the COVID-19 pandemic in latest years helped by robust chip demand for client electronics as extra folks labored from dwelling.
Taiwan’s central financial institution in December minimize its 2022 estimate for gross home product (GDP) development to 2.91% from its earlier forecast of 3.51% in September.
For 2023, it projected GDP would develop 2.53%. The financial system grew 4.01% in the third quarter from a 12 months earlier.
$1 = 30.6740 Taiwan {dollars})
Reporting By Yimou Lee and Jeanny Kao; Editing by Jacqueline Wong
Our Standards: The Thomson Reuters Trust Principles.
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