Taiwan to deliver more stimulus coupons to boost pandemic consumer spending by US$7.2 billion
- As island battles Delta cases and tightens some restrictions, Taiwan’s cabinet announces stimulus package to spur the economy
- Taiwan’s economy is expected to grow 5.88 per cent this year, the fastest pace in more than a decade
While a relatively small outbreak is well under control in Taiwan, 10 cases of the more transmissible Delta variant were reported near the capital Taipei this week, prompting the populous New Taipei City to tighten curbs, including for dining-in.
In its latest move to spur the trade-reliant economy, Taiwan’s cabinet announced a budget of NT$160 billion for the coupons, part of a stimulus package worth NT$840 billion.
Citizens will be given NT$5,000 worth of cash-equivalent coupons which can only be used until the end of June next year and can be spent in most shops, but there are some exceptions, including tobacco purchases.
“We created enormous economic benefits this way last year. This year, we expect it to be better than last year,” Premier Su Tseng-chang told reporters. “The stimulus coupons will bring a stronger stimulus effect and a better life for everyone.”
Taiwan’s economy, a key part of the global technology supply chain, is expected to grow 5.88 per cent this year, the fastest pace in more than a decade, thanks to strong global demand for the island’s tech exports during the pandemic.