September 2020  
Second quarter performances of major economies, bad but not as bad as earlier projected
TIER's composite indicators continue to back up domestic business recovery
The COVID-19 did cause severe impacts on major economies, such as the US and Europe. However, the second quarter of these advanced economies were actually not as bad as they were projected earlier. For example: The US Bureau of Economic Analysis adjusted its estimation of second quarter GDP growth rate upward by 0.4 percentage points. In addition, the Eurostat also upward revised its GDP growth predictions for both the EU 27 and EA19 for the second quarter by 0.2 and 0.3 percentage points respectively. Despite of remaining uncertainties, the domestic demands for the time being have obviously helped pick up manufacturing as well as service composite indicators issued by the Taiwan Institute of Economic Research (TIER) over again. ...Read more
Cabinet backs extending domestic travel subsidies
The Executive Yuan supports a plan by the Ministry of Transportation and Communications to extend the subsidies for domestic travelers until the end of October, the Tourism Bureau said in September. To promote the second phase of the nation’s “disease prevention tours,” which were launched in July, the bureau has been offering NT$1,000 (US$34.30) subsidies per hotel room.(Source: Taipei Times)

ROC-Paraguay Economic Conference achieves fruitful results, LOI on tech cooperation signed (Source: MOEA)
Taiwan Economic Research Monthly
The new pattern of Taiwan's industrial innovation and transformation under the Asia-Pacific value chain reform
Smart transformation development and opportunities in Taiwan's industrial parks
The development of industrial clusters and parks are 2 of important driving forces for Taiwan’s industrial growth. Developing Industry 4.0 and Digital Economy will revolutionize the parks’ operations of the production and management. This article illustrates the ways to integrate digital technology into production and services through data analysis and to conduct a smart service management system.
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