The ROC economy has again performed well in 1999. Not surprisingly, the level of our external debt is negligible. The expansion in output has been driven by strong external demand, and an increase in both private consumption and public investment. In the meantime, prices have remained stable.
Unemployment rate is currently the lowest in Asia.
According to a forecast made by the World Economic Forum, Taiwan s average economic growth rate will be the second highest in the world over the next eight years. In terms of global competitiveness, Taiwan ranks fourth overall in 1999, moving up two places in spite of the Asian financial crisis. Time and again, the Taiwan economy has exhibited exceptional resilience and strong potential in the face of adversity. First, Taiwan was the economy least affected by the Asian financial crisis and was moreover able to maintain steady growth throughout the crisis. Second, as the crisis has gradually subsided, Taiwan has emerged as one of the few economies to recover strongly.