(1888PressRelease)
November 27, 2008 - London, The shopping coupons will be redeemable in retail shops, restaurants and hyper marts till the end of 2009. The move is meant to stimulate domestic spending in the Taiwanese economy that has slowed down as exports plummet. Domestic spending accounts for 60% of the economy.
Taiwanese premier, Liu Chao-shiuan, said, “The worldwide economy will probably be in a downturn for a while, so the coupons are necessary to support us during that time," while addressing reporters in Taipei. “The programme is aimed at boosting the economy... and is expected to contribute to a 0.64% increase in 2009 GDP," he added.
While the bill has been passed by the Liu's Cabinet, it still needs legislative approval. If approved, about T$3,600 will be given to Taiwan’s 23 million strong population in January. The economic stimulus would cost close to $2.5 billion in total.
GDP growth in Taiwan's fell to the slowest pace in five years in the third quarter as a global economic slowdown reduced demand for the island’s high-tech exports. Exports, which are equivalent to about half the gross domestic product in Taiwan, fell by the most in three years in October.
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