First OECD report on Taiwan’s budgeting praises fiscal prudence｜Taiwan News
Earlier this year, the Organization for Economic Cooperation and Development published its first-ever report on Taiwan’s government budgeting system. An OECD delegation had visited Taiwan to investigate the matter, drawn by Taiwan’s strong economic performance during the pandemic. The report praises Taiwan’s fiscal prudence and underscores the importance of semiconductors for the country’s finances. Let’s hear from an expert.
Darson Chiu
CIECA
The pandemic did indeed inflict substantial damage to several nations’ economies. Amid the turmoil, we were one of few developed countries that showcased stronger economic growth in 2020 than in the year before, resulting in increased tax revenue. The public debt to GDP ratio didn’t go up. In fact, it shrunk, underscoring the strength of our fiscal policies.
The OECD report says Taiwan has clear fiscal objectives and low levels of debt. As of the latest data, Taiwan’s general government gross debt as a percentage of the GDP in 2024 stood at just 22.5%, far lower than countries such as Japan, the US, Germany or South Korea. The report also highlights that Taiwan’s rapidly aging population poses the greatest fiscal challenge for the future, affecting issues such as old-age pensions and elderly care.
For more Taiwan news, tune in:
Sun to Fri at 9:30 pm on Channel 152
Tue to Sat at 1 am on Channel 53
#台灣新聞 #TaiwanNews #民視新聞 #FTV新聞 #Taiwan