TAIPEI (Taiwan News) — A “blue” light economic indicator showed that Taiwan’s domestic economy contracted for the first time in four years.
However, some economists fear a further downturn as exports will continue struggling in the short-term, leading to corporate debt defaults. For employees, the fear is that many will be subject to unpaid leave early next year as the global economic downturn continues to recover from the COVID pandemic and supply chain disruptions.
In a Yahoo news report, Wu Da-ren (吳大任), CEO of National Central University’s Research Center for Taiwan Economic Development, said the main culprit for economic disruption has been the continual increase in U.S. interest rates due to inflationary concerns. This, in turn, has had a serious impact on U.S. household income, leading to less spending on non-essential items like mobile phones,…
