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What else can be done for recovery?
TIER cut forecast for the 2012 Taiwan GDP growth |
Constrained by fiscal deficits, most advanced economies have had no choice but further ease their monetary policies lest the economic outlook should be unquestionably bleak. Central banks need to cut their already near to the ground interest rates simply because the economic conditions are gloomy and deteriorating. The slowdown of global economy has become widespread. What else can be done for recovery? The fact is decision makers of world primary and secondary economies are running out of feasible plans and sound measures. Taiwan is no exception with concerns about faltering internal and external demands continue.
Recently issued leading indicators of the US, Europe and Japan were all in downward sloping. The US and Japan strived to place themselves on the track of recovery; however the former has slowed down a bit and the latter has still been shrouded in the threat of deflation. Regarding Europe, the European troubles in fiscal slippage have turned into an endless nightmare. In addition, China seemed planning for an inevitable soft landing. As a result, weakening global demands have constrained Taiwan’s foreign trade. The total exports of USD 24.36 billion decreased by 6.6% in June over the previous month or dropped by 3.2% Year-on-Year. The imports of USD 21.79 billion decreased by 8.6% Month-on-Month or dropped by 8.4% over the same month of last year. Because the decline in imports was greater than the decline in exports, Taiwan still “enjoyed” a trade surplus for the first half of 2012. The cumulative trade surplus from January 1 till June 30, 2012 stood at USD 11.19 billion that would be 10.7% increase compared with the same period of 2011.
On the subject of the supply side, Taiwan Industrial production index decreased by 5.23% in June Month-on-Month, and the IP index stood at 128.59 points. Nevertheless, the IP index fell by 2.44% if it’s compared with the same month in 2011. Among sub categories, the manufacturing production fell by 2.31% Year-on-Year. The construction decreased by 10.11% Year-on-Year having the worst performance. The total industrial production from January to June reduced by 3.04% compared with the same period in 2011. Furthermore, the manufacturing production jumped down by 3.26% and the construction fell by 4.03% from January till June Year-on-Year.
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| The Directorate General of Budget, Accounting and Statistics (DGBAS) cut GDP growth to 2.08% |
| The DGBAS announced lowering 2012 Taiwan's GDP growth forecast to 2.08%, which is almost a percentage point less than previous estimate. According to the DGBAS, the slump came as a result of falltering exports and weak consumer confidence, which was caused by the deteriorating global economy, declining stock prices, low corporate profits and shrinking wages. |
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| Taiwan economy remains weak for 8th consecutive months |
| The Council for Economic Planning and Development (CEPD) announced that the signal of monitoring indicators in June remained blue for the eighth consecutive month, which means the domestic economy is still weak. Department of Economic Research Director-General Hung Jui-bin stated that the labor market was stable in June, but conditions in the financial market, as well as production, trade, and consumption are gloomy. |
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Taiwan Economic Research Monthly
Taiwan's technology commercialisation mechanism and policies |
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Taiwan's technology commercialisation capability: Samsung and TOTO experiences
 Commercialisation process establishment and implement are included in the technology commercialisation capability. Thus, this article examined the enterprises' technology commercialisation process implement through two successful cases.
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Breakthrough technology commercialisation innovation for official departments - The U.S. Defense Advanced Research Projects Agency (DARPA)
Taiwan's government allocated tremendous budgets on science research and technology development, but official departments cannot efficiently use the money spent on research and development to obtain a useful technology via technology transfer and commercialisation. This article offered the U.S. DARPA as an example for Taiwan's future policy-making.
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