[Alpha Biz= Kim Jisun] Taiwan has sharply raised its 2024 economic growth outlook, driven by booming global demand for AI semiconductors, forecasting that per capita GDP will surpass $40,000 next year, overtaking both South Korea and Japan.



According to Reuters on August 17, Taiwan’s Directorate General of Budget, Accounting and Statistics (DGBAS) revised its GDP growth forecast to 4.45%, up from 3.1% projected in May. The agency cited surging AI chip exports and accelerated U.S. investment in AI infrastructure as key drivers.



Exports are now expected to grow 24.04% year-on-year to a record $589.2 billion, far higher than the previous projection of 8.99% growth. Meanwhile, the consumer price index (CPI) forecast was lowered from 1.88% to 1.76%, reflecting stable inflationary pressures.



DGBAS Minister Chu Yudai said, “The emergence of cost-efficient AI models like DeepSeek and policy shifts in the U.S. that are accelerating AI infrastructure development have significantly boosted demand for AI chips, prompting us to adjust the growth forecast.”



The agency also projected that with continued economic expansion and a stronger Taiwan dollar, per capita GDP will reach $41,019 in 2025, breaking the $40,000 threshold for the first time.

 

 

 

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