Economy of Taiwan

Rare card · No. 66555

Taiwan has a highly developed free-market economy. It is the 22nd-largest in the world by nominal GDP and 20th-largest by purchasing power parity. Its GDP per capita (PPP) ranks highly at 8th in the world, while its nominal GDP per capita is 29th in the world. This large purchasing power parity adjustment has been attributed to Taiwan's localised supply chains, relatively low cost of living, and in particular to accusations that the New Taiwan dollar is systemically undervalued through currency interventions, although the Central Bank of the Republic of China (Taiwan) has denied these claims. Taiwan is included in the advanced economies group by the International Monetary Fund, and in the high-income economies group by the World Bank. During Dutch and Qing rule, Taiwan primarily exported agricultural goods like rice, sugar, and tea. During the period of Japanese colonization, Taiwan's agricultural exports benefited from electrification, railroads, and irrigation infrastructure. After 1949...

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