With an estimated 23.3 million inhabitants Taiwan is the world’s 52d-most-populous country and was ranked as the 19th largest economy in the world in 2013.
Taiwan economy recorded a GDP growth of 1.74% in 2013.
Industry: Electronics, flat panels, machinery; metals; textiles, plastics, chemicals; optical, photographic, measuring, and medical instruments
Main export partners are China (27.1%), Hong Kong (13.2%), United States (10.3%), Japan (6.4%), Singapore (4.4%)
Taiwan now faces many of the same economic issues as other developed economies, such as relocation of labor-intensive industries to economies with cheaper labor cost, and the necessity to turn to a high technology and service-oriented economy.
Human resource talents seeking career opportunities elsewhere, and the size of its businesses which are mainly small and medium enterprises, compared to its direct Asian competitors South Korea and Japan, are other major issues.
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