December 2021  
Omicron could be an uncertain threat to the global economic recovery
TIER’s three composite indicators nevertheless went up unanimously
Major forecasting agencies all predict that the global economy in on the track to a promising recovery. However, the new variant known as Omicron has been considered as an uncertainty hindering the economic growth momentum. Despite there’s an undefined and possible constraint, Taiwan’s economic performance has been out of the woods especially lately. AS for the domestic private consumption, “retaliation style expenditures” have been boosting the service industry since the lift of third-degree alert measure. In addition, domestic investment and export engine have both remained strong and solid. With these, the manufacturing, service, and construction composite indicators issued by Taiwan Institute of Economic Research (TIER) all increased in November as a result. Taiwan’s exports in November 2021 increased significantly by 30.18% compared with the same month of 2020, the consecutive nine-month in double digit growth, as a result of a strong market demand for ICT parts and components and other merchandises in addition to much lower base effect due to the COVID-19 impacts. ...Read more
Taiwan donates US$500,000 after Philippine typhoon
On 22nd December 2021, Taiwan donated US$500,000 to the Philippines to help in its recovery from the devastation caused by Super Typhoon Rai, the Ministry of Foreign Affairs said. At a ceremony in Taipei, Manila Economic and Cultural Office chairman Wilfredo Fernandez accepted the donation on behalf of his country from Minister of Foreign Affairs Joseph Wu, the ministry said in a statement. Wu expressed his condolences on behalf of the government and the nation to the Philippines, which as of Tuesday had reported 375 deaths related to flooding and landslides resulting from the typhoon. The Philippine government would use the money to deliver resources to people hit the hardest in the central and southern parts of the country, the statement quoted Fernandez as saying. On 21st December 2021, Philippine President Rodrigo Duterte declared a “state of calamity” in six areas battered by the typhoon: Mimaropa, the Western Visayas, the Central Visayas, the Eastern Visayas, Northern Mindanao and Caraga, the Philippine News Agency reported. The typhoon, known locally as Odette, first made landfall on Siargao Island in the country’s southeast on Thursday last week, before wreaking havoc throughout the Philippines, the agency said. (Source: Taipei Times).

Taiwan’s November unemployment rate lowest in 20 years (Source: Taiwan News).
1st Taiwanese-Slovak Commission on Economic Cooperation wraps up in Taipei (Source: Taiwan Today).
Taiwan Economic Research Monthly
New Ideas of Biden's Regional Cooperation Framework
When attending the East Asia Summit hosted by the ASEAN on October 27, 2021, the US President Joe Biden announced that he would start to talk with partners in the Indo-Pacific region on establishing a regional cooperation framework. The U.S. government has not elaborated on the content of this structure, saying only that it does not adopt the form of a trade agreement and that the U.S. does not want to join the CPTPP. White House Security Advisor Jake Sullivan said that everyone can wait and see such a framework. Apart from waiting, the author suggested that we could also make proposals to the United States and the Indo-Pacific countries regarding Taiwan’s expectations for a reasonable world system and order so as for Taiwan to play an active role in contributing to this framework.
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