Taiwan to give cash payouts to citizens in 'New Year blessing' - Reuters

TAIPEI, Jan 4 (Reuters) - Taiwan plans to springiness currency payouts of astir $200 to each national this year, Premier Su Tseng-chang announced connected Wednesday, saying the island's economical maturation volition beryllium shared by everyone.

The export-reliant economy, a planetary tech powerhouse for products including semiconductor chips, grew 6.45% successful 2021, the fastest complaint since it expanded 10.25% successful 2010.

While economical maturation is expected to dilatory successful 2022 and 2023, the authorities has made plans to plough an other T$380 cardinal ($12.4 billion) successful taxation gross from past twelvemonth backmost into the system to assistance support the land from planetary economical shocks, including subsidies for energy prices and labour and wellness insurance.

Su said a full of T$140 billion, portion of the taxation revenue, would beryllium spent arsenic currency payouts and each national would get T$6,000 ($195.61).

"The effect of economical achievements volition beryllium shared by each citizens, from young to old," Su told reporters, adding the imaginable payout requires support from parliament, wherever the ruling Democratic Progressive Party has a majority.

"We privation to springiness each citizens a New Year blessing aft the opening of the Lunar New Year," Su told reporters, referring to the week-long vacation that starts connected Jan. 20.

He did not springiness details of however the authorities would present the payouts.

Taiwan is simply a large shaper of semiconductors utilized successful everything from cars and smartphones to combatant jets. Its system continued to turn stably during the COVID-19 pandemic successful caller years helped by beardown spot request for user electronics arsenic much radical worked from home.

Taiwan's cardinal slope successful December chopped its 2022 estimation for gross home merchandise (GDP) maturation to 2.91% from its erstwhile forecast of 3.51% successful September.

For 2023, it projected GDP would turn 2.53%. The system grew 4.01% successful the 3rd 4th from a twelvemonth earlier.

$1 = 30.6740 Taiwan dollars)

Reporting By Yimou Lee and Jeanny Kao; Editing by Jacqueline Wong

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