All about Business and management

July 22, 2007

Taiwan : Journey from low income to high income country

Filed under: International Business — Jagdish Hiray @ 7:28 pm

                 Today Taiwan has one of the fastest growing economies in the world. Taiwan has achieved this rapid economical growth and development through its try, learn and improve policy backed by hard work of the people of Taiwan. This abstract is devoted to chronological development of Taiwan over period time and its rise from low-income country to high-income country in Asian.            

                 After World War II in 1945, government of Republic of China recovered Taiwan from Japanese, infrastructure was collapsed and the island was in a state of devastation. There was shortage of necessary food supplies, power and other goods. Population was growing fast and island was not able to procedure enough for its need. Government (Republi of China on Tiwan) is forced to take action and started concentrating on basic needs and foundation. It started agriculture reforms and started initiatives to grow locally. Till 1962 agriculture contributed more to GDP than industrial production and Taiwan had agriculture-based economy. During this period economy structure went through gradual changes due to international completion and growth of domestic industries.

             Taiwan’s industrial era started from 1962 when industrial output exceeded agricultural production, economy started transformed from agriculture based into industrial based. Government opened export processing zones, prompted exports, lifted many trade restrictions, lowered tariffs and created more employment. Took economical measures to attract foreign investment and encourage the development of export industries. Government started projects to improve basic infrastructure, promoted development of construction and chemical industry. The period between 1963 and 1980 marked as the most rapid growth period in Taiwan’s history. In 80s government focused on liberalization and globalization of economy as well as privatization of government run sectors. Taiwan’s economy continues to grow with in both agricultural and industrial sectors in next several years.

             Government initiatives and people’s hard work moved Taiwan’s economy from war zone to rapidly growing economy. Their spirit to survive and develop county, along with government initiatives made Taiwan to grow faster than other countries. People of Taiwan have showed to the world, how undeveloped country can change into a country with fastest economy in the world, backed by people’s hard work and government’s strategic planning and implementation.


1 Comment »

  1. I enjoy reading an article that can mawke people think.
    Also, many thanks for allowing me to comment!

    Comment by Best Android Apps For The PC — July 25, 2014 @ 2:24 am | Reply

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