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The US recovery provides momentum to the world economy
TIER adjusted its annual forecast upward |
A stronger West and a slower East jointly portray the current global economic conditions. The US economy’s resilience means the economy that triggered the most recent global financial crisis is now carrying the world economy from potentially faltering. On top of that, the Europe has been sick and tired of playing the weakest link by showing the world it is actually bottoming out. As an old saying goes, every dog has his day. In contrast to the story of stronger West, The East is not doing so well for the time being. Global forecasters and even the Japanese government cut their overall view on the economy after sales tax while the deficit in trade has been getting worse. However, the key role of slower East is in fact China but Japan. The market jitters more with China’s slowing down. The PMI index of China not only declined but also dipped below 50 meaning the economy is in contraction. How would Taiwan, a small export oriented economy, can act upon such mixture circumstances. The Taiwan Institute of Economic Research (TIER) polished its crystal ball and adjusted upward the annual growth forecast a little from 3.17% to 3.23% on April 25, 2014.
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| Taiwan's biotech sector seen as ripe for growth |
| Taiwan's biotechnology will continue to expand, in terms of both investment and business turnover, as the global market grows, the Ministry of Economic Affairs said in late of April. Investment in Taiwan's biotechnology sector rose 18.66 percent year-on-year in 2012 to NT$39.53 billion (US$1.34 billion), and sales rose 6.1 percent to NT$255 billion, the ministry said. The upward trend will continue, the ministry said, in line with a forecast by Datamonitor that the global biotechnology market will continue to expand at a significant pace. The forecast expected the global biotechnology market's turnover to reach US$288.2 billion in 2013, up 10 percent from the previous year. In 2014, the global market will likely grow another 10.5 percent, according to the projection. (Source: The China Post) |
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Taiwan Economic Research Monthly
Technology + culture creativity = new popular culture |
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Triggering the new momentum of cultural creaitivity: Technology X Cultural Creativity
 "The experience economy", "popular culture creativity" and "technology" are large and individually important issues. But in practice, the relationship among these three is solid and inseparable. To further explore popular culture creativity policies and the key to success, this article analyses the combination of technology and cultural creativity to trigger new momentum of developing culture industry.
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