Taiwan economy grows to beat all Arab states in 2010

Singapore had its day, now it’s Taiwan’s turn. The Taiwanese economy reported its fastest growth in 21 years. Taiwan’s GDP grew by 9.98% in 2010, beating IMF forecast who estimated a 9.3% growth. This is however, within the expectation of Taiwan’s own economists prediction.

And while Singapore economy overtakes the entire Federation of Malaysia, Taiwan surpassed the biggest Arab economy, Kingdom of Saudi Arabia.

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Taiwan’s industrial port in Kaoshiung

There is some similarities between both, that is, the islands of Taiwan and Singapore have pretty much no natural resources and all economic & industrial development have to begin on scratch. In the 1950s and early 1960s, Taiwan was in par with Africa and a recipient of international aid. Today it is an advanced industrial, prosperous economy and a major international investor.

Taiwan GDP grows nearly 10%

Taiwans gross domestic product jumped 9.98 percent in 2010, fueled by rapid recovery in fixed investment and domestic industrial expansion in line with increases in both local and international demand. This is Taiwan’s fastest growth in 21 years.

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The Economist Intelligence Unit (EIU), a division of international financial publication ‘The Economist’ expects Taiwanese growth to remain robust over the next couple of years with improved financing options and rising capacity-utilization rates to support investment.

The GDP growth beats numerous projections, The EIU, Goldman Sachs, Citibank and Global Insight all expect Taiwan to grow by around 8.4 percent. The IMF gave a nearer estimation of 9.3%.

Taiwans total trade in 2010 increased 39.1 percent to an all-time high of US$526.04 billion. The country’s exports posted a 34.8 percent increase, the largest annual gain since 1979.

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Taiwan has very high tech-literate population, Yahoo & Youtube are co-founded by Taiwanese immigrants to the USA.

Among the top-performing export categories are chemicals, electronics, machinery, optical equipment, plastic and rubber products and transportation equipment, who all racked up their highest tallies ever.

Semiconductor and electronic components are Taiwan’s strongest field. Taiwan is now the world’s largest supplier of contract computer chip manufacturing (foundry services), LCD panel manufacturer, and are widely believed to have surpassed Japan as world largest semiconductor manufacturer last December. The island produced 70% of world’s integrated circuit wafer foundry.

"Although developed economies are settling into more moderate growth, Taiwans innovation in the ICT industry should be able to help the country maintain its robust momentum in exports, Lin Lee Jen, the director-general of Taiwan Ministry Of Finances Department of Statistics said.

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Most your electronics chip components probably are made in Taiwan

The economy is helped by improving relations with China. China has recently been giving a lots of economic ‘perks’ to Taiwan, trying to win over Taiwanese hearts and minds through economic integration. China has removed trade tariff on Taiwan, coupled with a number of favorable cross-strait trade agreement, and stepped up to impose harsher trade restriction on South Korea and Japan, two of Taiwan’s main industrial rivals in the region. It is understandable that China would rather Taiwan be the global technological hub than South Korea and Japan.

South Korean manufacturers have protested the unfair trade practices between China and Taiwan. The arrangement intends to make Taiwanese/Chinese the world’s no.1 DRAM computer memory manufacturer (currently held by South Korea), possibly also world’s biggest networking equipment manufacturer, and Asia’s top petrochemical producer.

Taiwan economy surpassed Saudi Arabia

Taiwan’s 9.98% GDP growth has led it to overtake the biggest Arab economy Saudi Arabia, making Taiwanese economy larger than all Arab states. Saudi Arabian economy is expected to grow by 3.8%, putting Taiwan GDP at US$393 billion vs Saudi US$377 billion. Saudi Arabia has a population of 27 million and Taiwan 23 million

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The comparison is interesting because the GDP per capita of both is roughly equal. Not only that, their national reserves too, is almost of the same level. Saudi foreign reserves is ranked 4th in the world and Taiwan 5th.

The only difference is that Saudi has vast reserves of oil & gas, plus gold, uranium, bauxite, coal, iron, phosphate, tungsten, zinc, silver, and copper. Being a holy land, it also have natural tourism, with over 3 million pilgrims visiting it every year bringing the country over US$7.2 billion.

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Taiwan has the 5th largest reserves in the world, Saudi 4th.

Taiwan is an island with almost no natural resources, with its development totally dependent on the knowledge and skills of its people.

It is a case studies of an economy based on human technological creation vs another economy based on gift from nature. One depending on human brain and the other depending on natural resources.

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Taiwan started poor while Saudi an oil rich country. Fortunes strucked both in the 1970s, with the 1973-74 Arab oil boycott against the world boosted oil prices to unprecedented level and increased Saudi per capita income by 1873%, while Taiwan at the same time successfully invested into the correct infrastructure and committed its workforce towards industrial expansion programmes, paving way to the first phrase in its industrial development.

The two however, used their wealth differently. Taiwan reinvested further into its heavy industries, building infrastructure and the establishment of advanced electronics segments, utilizing its still relatively cheap labor to spur massive industrialization, technological leapfrog and FDI growth, turning it into one of Asia’s four ‘economic tiger’ alongside Singapore, Hong Kong and South Korea.

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Known as the four Asian ‘economic tigers’, Singapore, Taiwan, Hong Kong and South Korea experienced high growth rates and rapid industrialization between the early 1960s and 1990s. The end result is that Hong Kong and Singapore became world leading international financial centres, while South Korea and Taiwan became world leaders in information technology.

Saudi Arabia diverted its new fortune towards helping Arabs fighting Israel, spreading Islam across the world, funding global mosques construction, and built a generous social welfare system where its people are spoon-fed from birth to death. An estimated 20% national wealth is allocated for the Saudi royal family to build lavish palaces.

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Now in 2010, Taiwan moved past Saudi Arabia to be a bigger economy. Considered insanely rich in the 1970s, Saudi Arabia once had a GDP per capita of US$25,770 - nearly 7 times Taiwan’s US$3,748 that time. Today, Taiwan is richer than Saudi Arabia with a per capita of US$18,303 vs Saudi’s $16,778

With that, economists and analysts have pondered whether natural resources is really a blessing or curse for a nation. It is a mixed outcome. Australia and Canada, 2 countries endowed with huge natural resources successfully built themselves into world’s top and most prosperous economies. Arab states likewise, grow wealthy from oil & gas. Oil wealth, however, failed to transform them into advanced economies or catch up with modernity. The inabilities to project strong economic growth others have done put Arab states in permanent envious and jealousy of the rest of the world’s economic prosperity. The Brazilian economy, South American largest, has recently surpassed the entire 21 Arab states economies combined, making Africa the only places on earth lagging behind the Arabs.

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Also, can someone tell me what is happening in these pics?

[quote=“mevotex”]Also, can someone tell me what is happening in these pics?

Worshiping women underwear? :mrgreen: :mrgreen:
LOL!

i wish to see them do that at our mall…

that isnt quite considered worshipping women’s undy, this is:


understood that the prayer is intended to face mecca, but somehow the scene is quite inappropriate :lol:

[quote=“mevotex”]that isnt quite considered worshipping women’s undy, this is:


understood that the prayer is intended to face mecca, but somehow the scene is quite inappropriate :lol:[/quote]

It seems that the picture is not genuine. It has been photoshopped. Anyway, I do think arabs are mostly perverts…

really? i wasn’t aware of it. all photos are claimed to be taken directly in the street

lets see…

singapore overtook malaysia
taiwan overtook saudi arabia
macau overtook brunei long ago

the next report might show hong kong overtook oil-rich uae (dubai/abu dhabi)

things are looking very bad for countries with abundant petroleum resources