German firms express record-high confidence in Taiwan's economy

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Published Feb 5, 2021

German firms express record-high confidence in Taiwan's economy

Taipei, Feb. 4 (CNA) A record-high percentage of German companies in Taiwan - 63.3 percent - have predicted that the country's economy will improve in 2021, according to the German Trade Office Taipei (GTO) on Thursday. The poll results indicated that German companies are significantly more optimistic about Taiwan's future economic development than in the previous five years, the report said. The confidence rate a year ago was 25.8 percent. When asked about the prediction for the next three years, the level of optimism was even higher, totaling 65.4 percent, according to the report conducted among 251 German companies operating in Taiwan from November 24, 2020 to January 12, 2021. Furthermore, even though the business earnings of the majority of German companies were negatively affected by the COVID-19 pandemic, the decline was not as severe as originally expected in a GTO flash survey conducted in March 2020. While almost 18 percent of the businesses surveyed expected to see their revenues decrease by over 30 percent back in March last year, that percentage has dropped to 7.9 percent in the latest report, the GTO said. Likewise, the number of companies benefiting from the pandemic rose significantly from 2.6 percent to 19.8 percent, it said. Meanwhile, 93.1 percent of the companies did not dismiss any employees in 2020 despite the impact of the pandemic, the report said. "The Taiwanese economy has proven itself quite resilient in the face of crisis," said Alexander Hirschle, director for Taiwan and the Philippines, Asia Pacific at Germany Trade Invest. Looking ahead, market outlooks appear promising in areas such as smart machinery, e-mobility, self-driving, Internet of Things (IoT) and artificial intelligence, according to the office. Other sectors with future growth potential included biomedicine, healthcare, and life science, as well as renewable energies, it said. (By Lee Hsin-Yin) Enditem/cs

source: focustaiwan.tw
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German firms express record-high confidence in Taiwan's economy

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