TAIPEI–Taiwan’s per capita income is expected to rise to US$29,000 by 2020 and its economy is likely to become the fifth-largest in Asia by then, according to a report by the financial service group of the Development Bank of Singapore (DBS).
However, the Cabinet-level Council for Economic Planning and Development (CEPD) said that President Ma Ying-jeou’s 2008 campaign pledge to achieve per capita income of US$30,000 will be realized by 2016. The CEPD had forecast that the per capita income this year will breach the US$20,000 mark and rise to US$21,200. At present, the figure is US$19,155.
Meanwhile, the DBS report, titled “Asia 2020,” projected that the Taiwan economy will grow to the fifth-largest in Asia by the start of the next decade.
Taiwan now has the seventh-largest economy in the Asia Pacific region, according to the Wall Street Journal and the U.S. think tank Heritage Foundation.
The top four Asian economies in 2020 will be China, India, South Korea, and Indonesia, in that order, the DBS report forecasts.