EconomySee also: Economy of Taiwan
As the capital of Taiwan, Taipei has been at the center of rapid economic development in the country and has now become one of the global cities in the production of high technology and its components. This is part of the so-called Taiwan Miracle which has seen dramatic growth in the city following foreign direct investment in the 1960s. Taiwan is now a creditor economy, holding one of the world's largest foreign exchange reserves of over US$352 billion as of February 2010.
Despite the Asian financial crisis, the economy continues to expand at about 5% per year, with virtually full employment and low inflation. As of 2007, the nominal GDP of the core city of Taipei has accrued to an amount of nearly US$160 billion, while the metro region of Taipei has a GDP (nominal) of around US$260 billion, a record that would rank it 13th among world cities by GDP. The GDP per capita of Taipei is US$48,400, and the second highest in Asia behind Tokyo, which has a GDP per capita of US$65,453. If outskirts, neighboring cities, and townships are taken into account, the GDP per capita would fall to US$25,000.
Taipei and its environs have long been the foremost industrial area of Taiwan, consisting of industries of the secondary and tertiary sectors. Most of the country's important factories producing textiles and apparel are located there; other industries include the manufacture of electronic products and components, electrical machinery and equipment, printed materials, precision equipment, and foods and beverages. Such companies include Shihlin Electric, CipherLab and Insyde Software. Shipbuilding, including yachts and other pleasure craft, is done in the port of Keelung northeast of the city.
Services, including those related to commerce, transportation, and banking, have become increasingly important. Tourism is a small but significant component of the local economy with international visitors totaling almost 3 million in 2008. Taipei has many top tourist attractions and contributes a significant amount to the US$6.8 billion tourism industry in Taiwan. National brands such as ASUS, Chunghwa Telecom, Mandarin Airlines, Tatung, and Uni Air, D-Link are headquartered in Taipei City.
Read more about this topic: Taipei
Other articles related to "economy":
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries ... focus towards a more service-oriented economy ...
... and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to employment that was well below the average ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal level and bring the ...
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (18121870)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (18171862)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?”
—Doris Lessing (b. 1919)