Is Taiwan becoming richer and richer as years goes by?

Is taiwan as a whole becomes richer as a countries as time goes by?and what countries do you think it will surpass?

Fyi

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Of course it is. By any measure. Taiwan at its worst was still growing faster than Europe. Now that it is returning to form, it will probably surpass US and Switzerland on a GDP PPP per capita basis within the decade (might be shorter due to Corona). On a nominal basis it will blow past Italy and Spain in a couple of years.

Taiwan needs to focus on higher quality of life now. Reduce work hours, allow immigrants to integrate, etc.

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Yup. I think this is really important for both high skilled and low skilled workers. Taiwan can’t be picky tbh, anyone who is willing to contribute and work to the betterment of Taiwanese society and democracy is Taiwanese in my books.

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Taiwan had a miserable 2000s but it has been doing relatively well over the last eight years or so. The government and society never accumulated much debt so yeah this is really quite a rich country and getting relatively richer again as it has avoided economic meltdown so far during this crisis. My home country is estimated to have a further deficit of 30 billion euro from this crisis (it’s already has large debts from the credit crisis ) which is 10% of GDP and equivalent to half of annual tax revenues . 800k workers are unemployed getting 350 euro/wk, 130k workers on 70% govt supported salary scheme in a population of 5 million, it’s really insane. They think it’s the best approach to recover quickly. Let’s see.
Taiwan is riding lightly through this .

The global recession of 2020-2021 will hurt Taiwan, but only by lobbing off a percentage point from its GDP growth. Taiwan will emerge from COVID-19 structurally unscathed and will likely shoot past a number of EU states by the end of 2021 in size of the economy.

A deficit 10% of GDP isnt troublesome when Gdp is growing 6-7% a year.

It’s still a big problem , the country desperately needs to invest in infrastructure for example. It also has a large debt, no country can reliably grow 7% a year…Crazy stuff and by the way this is Ireland’s so called right of center party lol.

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The country as a whole and business is doing very well. The problem is that little of that money trickles down to the working stiffs. So much is consolidated among the richest.

The only saving grace for the younger generation is the wealth transfer from inheritances in the next few years.

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Inheritances are more often than not curses disguised as blessings.

True. I remember reading somewhere that inheritance money gets squandered within one generation. They didn’t earn it, easy come easy go.

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.Not always, some kids can invest more wisely than their folks but yeah there is that percentage who squander it on vices such as gambling drugs and being a self entitled.asshole :rofl:0

Although i fully agree, perhaps you are forgetting why taiwan is so rich.

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The real estate bubble very much clearly shows exactly that island wide. Now with. The DDP starting to try and tackle the horrendous mess that is real estate here, it has started to become clear to foreign (non asian) people what has gone on. Not just gambling though. Drug addiction is going to tank taiwan in 10 to 20 years as the old generation that enables them dies off. Some aerious issue to figure out here, none are easy. But Taiwan beig Taiwan does seem to figure it out faster than most others, so we can remain hopeful. Unless the world continues to cowtow to china and asias shining star gets bent over the barrel.

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Well I hope the people of China overthrow the CCP or at least get rid of Xi. Sick of him.and his cronies.

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Not to drag my comments about Taiwanese kids having no discipline over to this thread, but the kids (by which I mean people under the age of 14) whose parents’ bought them a house at birth (many of my students at a public school here in the boonies) have no work ethic because they can have whatever they want, whenever they want it, and already own a house (I mean house with parking spaces and some dirt that could be a garden), so why bother doing your homework or staying awake in class or even showing up for class when you’ll have a BMW to drive in a few years and will never have to work a day in your life? (please don’t answer that question.)

This will be a problem as fewer and fewer people have children, cuz those who didn’t get a house for their 0th birthday present can’t afford one, so there won’t be anything to boost the trust-fund babies’ lifestyles or wealth. Or you’ll have a feudal society.

And immigration as it currently stands…you start getting western families moving here based on the Gold Card standards (which I know currently is messed up from a family immigration standpoint, but let’s pretend it changes) and you will see the stereotypes about the children of tiger moms in the US flipped to represent children of westerners in Taiwan. The western children will be pushed to be successful and innovative “like their parents” while the Taiwanese kids continue to be spoon fed answers, lack critical thinking skills, and think putting in 8 day, 13 hour-a-day work weeks while mostly just on facebook all the time means they’re “hard working”

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Taiwanese are born 1 year old, so technically they are one year less spoiled than you claim :wink:

But totally agree. Little kings are everywhere. Taiwans situaion is differe t but the overall trend in many developed areas seems similar.

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:shushing_face:

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