Changes

==Economy==

==Economy==

Through over five decades of hard work and sound economic management, Taiwan has transformed itself from an underdeveloped, agricultural island to an economic power that is a leading producer of high-technology goods. In the 1960s, foreign investment in Taiwan helped introduce modern, labor-intensive technology to the island, and Taiwan became a major exporter of labor-intensive products. In the 1980s, focus shifted toward increasingly sophisticated, capital-intensive and technology-intensive products for export and toward developing the service sector. At the same time, the appreciation of the New Taiwan dollar, rising labor costs, and increasing environmental consciousness in Taiwan caused many labor-intensive industries, such as shoe manufacturing, to move to China and Southeast Asia. Taiwan has transformed itself from a recipient of U.S. aid in the 1950s and early 1960s to an aid donor and major foreign investor, especially in Asia. Taiwan is now a creditor economy, holding the world's fourth-largest stock of foreign exchange reserves ($273 billion as of 2007). Although Taiwan enjoyed sustained economic growth, full employment, and low inflation for many years, in 2001, Taiwan joined other regional economies in its first recession since 1949. The economy began to recover in 2002, but the outbreak of severe acute respiratory syndrome (SARS) slowed growth to 3.5 percent in 2003. The world economic upturn drove growth in 2004 to 6.2 percent. However, slower world growth in 2005, higher energy prices and interest rates, and excess inventory dragged 2005 growth to 4.2 percent. Continued expansion of exports pushed up Taiwan's economic growth to 5.7 percent in 2007.  

Through over five decades of hard work and sound economic management, Taiwan has transformed itself from an underdeveloped, agricultural island to an economic power that is a leading producer of high-technology goods. In the 1960s, foreign investment in Taiwan helped introduce modern, labor-intensive technology to the island, and Taiwan became a major exporter of labor-intensive products. In the 1980s, focus shifted toward increasingly sophisticated, capital-intensive and technology-intensive products for export and toward developing the service sector. At the same time, the appreciation of the New Taiwan dollar, rising labor costs, and increasing environmental consciousness in Taiwan caused many labor-intensive industries, such as shoe manufacturing, to move to China and Southeast Asia. Taiwan has transformed itself from a recipient of U.S. aid in the 1950s and early 1960s to an aid donor and major foreign investor, especially in Asia. Taiwan is now a creditor economy, holding the world's fourth-largest stock of foreign exchange reserves ($273 billion as of 2007). Although Taiwan enjoyed sustained economic growth, full employment, and low inflation for many years, in 2001, Taiwan joined other regional economies in its first recession since 1949. The economy began to recover in 2002, but the outbreak of [[SARS-CoV-1]] slowed growth to 3.5 percent in 2003. The world economic upturn drove growth in 2004 to 6.2 percent. However, slower world growth in 2005, higher energy prices and interest rates, and excess inventory dragged 2005 growth to 4.2 percent. Continued expansion of exports pushed up Taiwan's economic growth to 5.7 percent in 2007.  

*GDP (16/04/2020): US$586 Billion<ref>https://usdebtclock.org/world-debt-clock.html</ref>

*GDP (16/04/2020): US$586 Billion<ref>https://usdebtclock.org/world-debt-clock.html</ref>

  National Debt (16/04/2020): US$243 Billion

  National Debt (16/04/2020): US$243 Billion