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Taiwan Sees Fastest Growth Since 2014 Amid Global Chip Shortage

  • Government raises 2021 GDP forecast to 4.64% on export surge
  • Officials warn overseas demand may raise pressure on currency
A chip manufacturing plant in Taiwan.

A chip manufacturing plant in Taiwan.

Photographer: Billy H.C. Kwok/Bloomberg

Updated on

Taiwan’s economy will probably grow at its fastest pace in seven years in 2021, the government said, forecasting that a global scramble for semiconductors will deliver a boost to the island’s exports.

Gross domestic product will likely expand 4.64% in 2021, the statistics bureau said Saturday, compared to a forecast of 3.83% made late last year. Officials also revised up fourth-quarter GDP expansion to 5.09%.