The Economy of Taiwan

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Economics Explained
Economics Explained Опубликовано 27-09-2020

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This is Taiwan, or officially, the Republic of China, a country in east asia, which if you can’t tell by how delicate I am being with these titles here is consistently under a bit of ehh let’s call it scrutiny.

So contentious in fact that any country that is doing business with the people's republic of china, you know China, has to officially declare that they recognize the island of Taiwan as the sovereign territory of China.

While this is all very confusing, the fallout is that the nation of Taiwan is only officially recognized by a tiny selection of countries from around the world.

These countries include economic superpowers like Guatemala, Haiti, the Marshall Islands and Vatican city collectively making up only accounting for around 50 million people and covering a tiny portion of world trade.

So it's not exactly like they have brought their A team there either.

In Fact, about 2 thirds of the world's population that officially recognizes Taiwan as a nation are citizens of Taiwan. There are some sovereignty claims in outback Australia that have been more widely recognized than this nation of 23 million.

Despite all of these substantial hurdles Taiwan powers on. It has a GDP per capita of $25,000 and an average net worth per citizen of $142,733.

Those are Per Capita GDP figures that are only beaten out by Japan and South Korea in the region. And average net worth figures that are only beaten by a very select group of the wealthiest most developed nations on the planet.

So what is going on here?

Why are countries so quick to dismiss Taiwan as not a real nation?

What issues does this cause in an increasingly globalized world?

How is it that Taiwan has been so prosperous besides this?

#Economics #Taiwan #Trade

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