Taiwan and Thailand’s GDP surges due to demand from China

| February 22, 2010 | 0 Comments
Taiwan and Thailand’s GDP surges due to demand from China

There was further evidence of Asia leading the global recovery today after Taiwan’s economy grew at an annualised rate of 18% in the final quarter of 2009.

The strong performance was fuelled by demand for hi-tech products from top buyer China and other key export markets in the region.

Last month, Taiwan exports experienced their strongest growth in more than three decades. Shipments during the month totalled US$21.75 billion, resulting in year-on-year growth of 75.8% - the best performance since August 1976.

As a result, the economy has emerged from recession - its worst since the aftermath of World War II.

Taiwan’s GDP is measured on an annualised basis - which shows what the annual rate would be if the latest change continued for a whole year.

However, using a different measure, comparing the fourth quarter with the same period of 2008 - its economy grew 9.2%.

In the meantime, Taiwan’s stock market saw gains of almost 80% in 2009 - resulting in one of the best performers in the world.

Meanwhile, Thailand’s economy also expanded in the last three months of 2009, increasing at an annual rate of 5.8%, also driven by high demand from China.

Thailand’s quarterly economic growth was the fastest for a decade - and twice the amount analysts had forecast.

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