Taiwan’s economy – characteristics (1)
- The economy ranks in the third ten largest economies in the world at number 21 at the end of 2021. : $759 billion.
- Taiwan ranks sixth in the world in terms of foreign exchange reserves: $633 billion at the end of 2021. (6)
- Taiwan’s economy is export-based, and is one of the so-called newly industrialized economies with high growth rates.
- Because the island is resource-poor, the core of industrial production is goods, the production of which requires a highly trained workforce and specialized know-how. In the past two decades, information technology and electronics have become the main drivers of the island’s economy.
- Taiwan also has a well-developed metallurgical industry, including lightweight aluminum alloys, which are used by local companies that make bicycles and bicycle parts. (Taiwan is the country that produces the most goods related to the bicycle market: the GIANT and Merida companies together own more than 10% of the world market for finished bicycles.