In 2023, the total credit amount in Taiwan surged over the previous year. This figure has doubled since pre-pandemic levels at the end of 2019.
Amidst the central bank's five interest rate hikes during 2022/2023, 45% of young individuals under 39 years old in Taiwan are grappling with debts. In response to the challenges posed by rising interest rates, the Ministry of Education has exempted existing student loans from interest rate increases.
In recent years, housing prices in Taiwan have steadily climbed, significantly increasing the total purchase price for homebuyers. Concurrently, the cost of home renovations and property management has risen.
Virtual banks prioritise customer protection, risk management, and security, placing a strong emphasis on rights and interests. However, growth in this sector is hindered by substantial government regulations.
In 2023, Taiwan revised its economic growth forecast downward to 2%, marking its slowest pace in almost eight years. This adjustment came after the island nation slipped into a recession in the first quarter of 2023.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Taiwan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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