Taiwan

Taiwan’s turbulent history has been influenced by the Portuguese, Dutch, Spanish, French, Japanese but it is the controversial relationship with China that dominates the modern history of the country. Recent developments suggest that it may not be a diplomatic solution to the ongoing political problems but rather economic forces that may eventually lead to improved relations.

Taiwan’s economy has been rapidly developing since World War II. GNP growth from $170 per capita in the early 1960s to $33,000 four decades later is referred to as the ‘Taiwan Miracle’. This growth is primarily due to the Taiwanese technology sector, ICT products and machinery & textiles – with growth led by world-renowned companies such as Acer, Asus & BenQ.

Being one of the four Asian Tigers, Taiwan stakes its claim as one of the strongest economies in the region. There are however serious threats to Taiwan’s continued competitiveness. Its diplomatic isolation, export-dependent economy, low birth rate and rapidly aging population are major long-term challenges the Taiwanese government has to address.