TAIPEI (Taiwan News) — The Cabinet on Thursday (Aug. 15) approved Taiwan's next economic development plan for 2025-2028.
According to a Thursday press release, the plan sets macroeconomic goals for the next four years. This includes an average economic growth rate of 2.8% to 3.6% and an average GDP per capita of US$39,000 (NT$1.2 million) to US$42,000 by 2028.
According to the National Development Council (NDC), based on the projected economic growth rates for the next four years, Taiwan's per capita GDP is expected to surpass South Korea’s starting in 2025, per CNA. By 2027, the per capita GDP is anticipated to exceed US$40,000, achieving this milestone just six years after surpassing US$30,000.
By 2028, Taiwan's nominal GDP is expected to approach US$1 trillion (NT$32.2 trillion), the NDC added.
Premier Cho Jung-tai (卓榮泰) said these goals will be pursued through eight major policy priorities under the “National Project of Hope” to make Taiwan into an innovative and inclusive nation. He said the plan also includes achieving an average unemployment rate of 3.2% to 3.5% and an average core consumer price index increase of less than 2%.
Cho urged all ministries to fully commit to the plan and requested that the NDC, in coordination with relevant agencies, monitor and evaluate its progress.