Taiwanese gain confidence in economy, bucking global trend as coronavirus cases fall

Index score toward confidence in overall economic health marked an improvement from last month, according to a survey from Cathay Financial Holdings

Survey showed that minus 25.2 per cent said Taiwan’s overall economic health had improved, but 49.3 per cent said it had not

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The survey by Cathay Financial Holdings was taken at the time of the controversial visit to the island by US House Speaker Nancy Pelosi on August 2 and 3. Photo: Reuters

Published: 7:00pm, 29 Aug 2022Updated: 10:45pm, 29 Aug 2022

Taiwanese citizens are feeling better about their economy, income and financial markets this month compared to July as coronavirus cases drop despite gloom elsewhere in the world, according to a survey from a domestic financial services firm.

An index score of minus 24.1 towards confidence in the overall economic health of the self-rules island marked an improvement from minus 36.2 last month, according to the survey from Cathay Financial Holdings, which was taken between August 1-8.

The survey, taken at the time of the controversial visit to the island by US House Speaker Nancy Pelosi on August 2 and 3, showed that 25.2 per cent said the overall economic health had improved, but 49.3 per cent said it had not.

The scores from the survey represent differences between respondents who believe the economy has improved and those who think it has worsened.

Sentiment was high, so there was a knock-on effect

Liang Kuo-yuan

The 20,127 valid responses produced an August index score of minus 2.4 towards their salaries, up from minus 4.9 last month, and a score of minus 1.4 in August towards purchases of big-ticket items, up from minus 6.9 per cent in July.