Taiwan has so far managed to successfully contain the spread of COVID-19 which has helped to lessen the impact on the country’s economy, albeit GDP is still expected to contract by 1.8% in 2020.
The government in Taiwan has not introduced any lockdowns to date. From 28 January, it started quarantining people with travel histories that might have exposed them to COVID-19.
Taiwan has held up relatively well compared to other countries in containing COVID-19 with it managing to avoid the need for a lockdown of its economy. As such, its key industries have continued without interruption.
iCHEF, which operates restaurant POS system terminals, partnered with KGI Bank in 2020 to offer its “Restaurant Loan 2.0”.
Taiwan has benefited from its effective measures taken against COVID-19 and its elaborated government stimulus programme. The volume of mortgage applications increased during the first quarter in 2020, with many first-time buyers and homeowners looking to take advantage of the COVID-19-related slowdown.
Despite the setback from COVID-19, Taiwan’s economy looks to have relatively bright future, with GDP expected to rebound strongly in 2021 with GDP growth of 2.8%.
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This report originates from Passport, our Consumer Lending research and analysis database.
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