Editing Economy of Taiwan (section)

==Economic outlook==
As of 2021, the three highest-paid sectors in Taiwan include [[telecommunication service]], [[financial services]], and [[information technology|information services]].<ref>{{cite web|title=Taiwan's 5 high-paying industries must see job changing workers |url=https://today.line.me/tw/v2/amp/article/7wVM2M&ved=2ahUKEwituZPiltf6AhWrgFYBHdVwCI8QFnoECBAQAQ&usg=AOvVaw0OG2A8wcKes0KFVIBAHiDa }}</ref> The economy of Taiwan ranked the highest in Asia in the 2015 Global Entrepreneurship Index (GEI).<ref>{{cite web|title=The China Post|url=http://www.chinapost.com.tw/taiwan/business/2014/11/21/422312/Taiwan-best.htm|access-date=27 July 2018|website=The China Post|archive-date=23 July 2017|archive-url=https://web.archive.org/web/20170723021825/http://www.chinapost.com.tw/taiwan/business/2014/11/21/422312/taiwan-best.htm|url-status=live}}</ref> 
With the [[technocracy]]-centered [[economic planning]]<ref>{{cite web|title=Documents|url=http://isites.harvard.edu/fs/docs/icb.topic442978.files/Rodrik%20--%20How%20Korea%20and%20Taiwan%20grew%20rich.pdf|website=isites.harvard.edu|access-date=12 October 2012|archive-date=3 July 2013|archive-url=https://www.webcitation.org/6HpT6XNRf?url=http://isites.harvard.edu/fs/docs/icb.topic442978.files/Rodrik%20--%20How%20Korea%20and%20Taiwan%20grew%20rich.pdf|url-status=live}}</ref> until 1987, real growth in GDP has averaged about 8% during the past three decades. Exports have grown since [[World War II]], with inflation and unemployment staying low and foreign reserves being the world's fourth largest. [[Directorate-General of Budget, Accounting and Statistics]]<ref>{{cite web|title=National Statistics, Republic of China (Taiwan)|url=http://eng.stat.gov.tw/mp.asp?mp=5|access-date=27 July 2018|website=eng.stat.gov.tw|archive-date=25 April 2009|archive-url=https://web.archive.org/web/20090425183615/http://eng.stat.gov.tw/mp.asp?mp=5|url-status=dead}}</ref> and [[Ministry of Economic Affairs (Republic of China)|Ministry of Economic Affairs]]<ref>{{cite web|date=14 November 2013|title=Ministry of Economic Affairs, R.O.C. - Statistics of Economic|url=http://www.moea.gov.tw/Mns/english/content/ContentLink2.aspx?menu_id=213|url-status=dead|archive-url=https://web.archive.org/web/20130715041825/http://www.moea.gov.tw/Mns/english/content/ContentLink2.aspx?menu_id=213|archive-date=15 July 2013|website=Moea.gov.tw}}</ref> release major economic indicators of the economy of Taiwan.

Taiwan now faces many of the same economic issues as other developed economies. With the prospect of continued relocation of labor-intensive industries to economies with cheaper workforces, such as in mainland China, the Philippines, and Vietnam, Taiwan's future development will have to rely on further transformation to a high-technology and service-oriented economy.<ref name="qfinance">{{cite web|url=http://www.qfinance.com/country-profiles/taiwan|title=Taiwan - Economy|publisher=QFinance|access-date=23 December 2010|archive-url=https://web.archive.org/web/20100829030421/http://www.qfinance.com/country-profiles/taiwan|archive-date=29 August 2010|url-status=dead}}</ref> In recent years, Taiwan has successfully diversified its trade markets, cutting its share of exports to the United States from 49% in 1984 to 20% in 2002. Taiwan's dependence on the United States should continue to decrease as its exports to Southeast Asia and mainland China grow, and its efforts to develop European markets produce results.<ref name="supercycle">{{cite book|url=https://books.google.com/books?id=cEHPisdNINwC&pg=PA208|title=The Great Super Cycle: Profit from the Coming Inflation Tidal Wave and Dollar Devaluation|page=208|last=Skarica|first=David|publisher=John Wiley and Sons|year=2010|isbn=978-0-470-62418-0|access-date=22 February 2019|archive-date=25 September 2020|archive-url=https://web.archive.org/web/20200925143428/https://books.google.com/books?id=cEHPisdNINwC&pg=PA208&lpg=PA208&hl=en|url-status=live}}</ref> Taiwan's accession to the WTO and its desire to become an Asia-Pacific "regional operations center" are spurring further economic liberalization. The economy of Taiwan is facing economic marginalization in the world economy <ref>{{cite web|title=Downloads - 2013 - White Paper - AmCham - American Chamber of Commerce in Taipei - 臺北市美國商會|url=http://www.amcham.com.tw/white-papers-2/cat_view/158-white-paper/310-2013|access-date=4 March 2015|website=Amcham.com.tw|archive-date=16 March 2015|archive-url=https://web.archive.org/web/20150316120541/http://amcham.com.tw/white-papers-2/cat_view/158-white-paper/310-2013|url-status=live}}</ref> de-internationalization and lower salaries. This results in human resource talents seeking career opportunities elsewhere. Businesses in Taiwan suffer most from being the size of small and medium enterprises, which impedes attempts at economic transformation in Taiwan by the Taiwanese government.<ref>{{cite web|title=Market Insights - Michael Page|url=http://www.michaelpage.com.tw/websitepdf/Taiwan_+2013_SEF_FINAL.pdf|access-date=27 July 2018|website=Michael Page}}</ref>

The [[indirect tax]] system of the economy of Taiwan comprises Gross Business Receipts Tax (GBRT) ([[gross receipts tax]]) and [[value-added tax]] (VAT).<ref>{{cite web|title=Asia Pacific Indirect Tax Country Guide|url=http://www.kpmg.de/docs/asia-pacific-indirect-tax-country-guide.pdf|url-status=dead|archive-url=https://web.archive.org/web/20130404100632/http://www.kpmg.de/docs/asia-pacific-indirect-tax-country-guide.pdf|archive-date=4 April 2013|access-date=6 August 2018|website=Kpmg.de}}</ref> The economy of Taiwan is ranked 15th overall in the Global Top 20 Top Destination Cities by International Overnight Visitors (2014) by the MasterCard 2014 Global Destination Cities Index.<ref>{{cite web|title=Mastercard : 2014 Global Destination Cities Index|url=http://newsroom.mastercard.com/wp-content/uploads/2014/07/Mastercard_GDCI_2014_Letter_Final_70814.pdf|access-date=6 August 2018|website=Newsroom.mastercard.com|archive-date=16 September 2018|archive-url=https://web.archive.org/web/20180916112828/https://newsroom.mastercard.com/wp-content/uploads/2014/07/Mastercard_GDCI_2014_Letter_Final_70814.pdf|url-status=live}}</ref>

In addition, economic inequality, as measured by the [[Gini coefficient]], has been on the rise in Taiwan, rising from a value of 0.47 in 1980 to 0.61 in 2022 (before considering taxes and welfare transfers). Post-tax GINI was 0.32, similar to most other developed countries.<ref>{{Cite journal |last1=Hasell |first1=Joe |last2=Arriagada |first2=Pablo |last3=Ortiz-Ospina |first3=Esteban |last4=Roser |first4=Max |date=2024-01-03 |title=Economic Inequality |url=https://ourworldindata.org/economic-inequality#explore-data-on-economic-inequality |journal=Our World in Data}}</ref><ref>{{Cite web |date=2024-05-06 |title=Notes from Central Taiwan: Wealth inequality - Taipei Times |url=https://www.taipeitimes.com/News/feat/archives/2024/05/06/2003817432 |access-date=2024-11-16 |website=www.taipeitimes.com}}</ref>

===2008 financial crisis===
Taiwan recovered quickly from the [[2008 financial crisis]] and the [[Great Recession]], and its economy has been growing steadily since. Its economy faced a downturn in 2009 due to a heavy reliance on exports which in turn made it vulnerable to world markets.<ref name="supercycle" /> Unemployment reached levels not seen since 2003, and the economy fell 8.36% in the fourth quarter of 2008.<ref name="qfinance" /> In response, the government launched a US$5.6 billion economic stimulus package (3% of its GDP), provided financial incentives for businesses, and introduced tax breaks.<ref name="qfinance" /> The stimulus package focused on infrastructure development, small and medium-sized businesses, tax breaks for new investments, and low-income households.<ref name="qfinance" /> Boosting shipments to new overseas markets, such as Russia, [[Brazil]], and the Middle East, was also a main goal of the stimulus.<ref name="qfinance" /> The economy has since slowly recovered; by November 2010, Taiwan's unemployment rate had fallen to a two-year low of 4.73%,<ref>{{cite news|url=http://www.chinapost.com.tw/business/asia/australia/2010/12/22/284742/Jobless-rate.htm|title=Jobless rate falls to 2-year low in November|work=China Post|date=22 December 2010|access-date=22 December 2010|archive-date=26 December 2010|archive-url=https://web.archive.org/web/20101226172459/http://www.chinapost.com.tw/business/asia/australia/2010/12/22/284742/Jobless-rate.htm|url-status=live}}</ref> and continued dropping to a 40-month low of 4.18% by the end of 2011.<ref>{{cite news|url=http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aECO&ID=201201300048|title=Taiwan's jobless rate drops to 40-month low in December|publisher=Focus Taiwan News Channel|date=30 January 2011|access-date=30 January 2011|archive-date=4 August 2020|archive-url=https://web.archive.org/web/20200804121143/https://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aECO&ID=201201300048|url-status=live}}</ref> The average salary has also been rising steadily for each month in 2010, up 1.92% from the same period in 2009.<ref>{{cite news|url=http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aECO&ID=201012220041|title=Regular salary up for 12 consecutive months|publisher=Focus Taiwan News Channel|date=22 December 2010|access-date=22 December 2010|archive-date=18 January 2012|archive-url=https://web.archive.org/web/20120118183625/http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aECO&ID=201012220041|url-status=live}}</ref> [[Industrial production|Industrial output]] for November 2010 reached another high, up 19.37% from a year earlier, indicating strong exports and a growing local economy.<ref>{{cite news|url=http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?ID=201012230027&Type=aECO|title=November industrial production index hits fresh high|publisher=Focus Taiwan News Channel|date=23 December 2010|access-date=23 December 2010|archive-date=19 January 2012|archive-url=https://web.archive.org/web/20120119181600/http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?ID=201012230027&Type=aECO|url-status=live}}</ref> [[Consumption (economics)|Private consumption]] is also increasing, with retail sales up 6.4% compared to 2009.<ref>{{cite news|url=http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aALL&ID=201012240012|title=Taiwan retail sales forecast to hit record high this year|publisher=Focus Taiwan News Channel|date=24 December 2010|access-date=25 December 2010|archive-date=18 January 2012|archive-url=https://web.archive.org/web/20120118175315/http://focustaiwan.tw/ShowNews/WebNews_Detail.aspx?Type=aALL&ID=201012240012|url-status=live}}</ref> After 10.5% economic growth in 2010, the [[World Bank]] expected growth to continue and reach 5% for 2011.<ref>{{cite news|url=http://news.cens.com/cens/html/en/news/news_inner_35135.html|title=Taiwan's Economic Growth to Reach 5% in 2011: the World Bank|publisher=China Economic News Service|author=Judy Li|date=19 January 2011|access-date=19 January 2011|url-status=dead|archive-url=https://web.archive.org/web/20110124000903/http://news.cens.com/cens/html/en/news/news_inner_35135.html|archive-date=24 January 2011}}</ref>

According to the [[National Development Council (Taiwan)|National Development Council]], Taiwan's economy declined in May 2019 due to the ongoing [[China–United States trade war]].<ref>{{cite web|url=http://focustaiwan.tw/news/aeco/201906290004.aspx|title=Taiwan economy remains sluggish in May amid global trade war|date=29 June 2019 |access-date=29 June 2019|archive-date=29 June 2019|archive-url=https://web.archive.org/web/20190629103601/http://focustaiwan.tw/news/aeco/201906290004.aspx|url-status=live}}</ref>