Taiwan's economy accelerates at record pace

Taiwan's GDP grew 6.51 per cent year-on-year to NT$5.46 trillion ($167 billion) in the January-March period, the best performance since the second quarter of 2021.

Taiwan's exports jumped 18.9 per cent in March, according to Bloomberg.

The growth was driven by sales of computers and related equipment needed for artificial intelligence (AI), which soared more than 400 per cent.

Against this backdrop, Taiwan raised its 2024 GDP forecast to 3.57 per cent from a previous estimate of 3.43 per cent in February.

Taiwan's economy is one of the main beneficiaries of the surge in global demand for AI technology, the publication noted. Taiwan is home to one of the world's largest semiconductor manufacturers, TSMC.