The Economy of Taiwan
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From the Paper:"Taiwan's unemployment is at 3.75%, low on an international scale, and the employment outlook is good, with many entry-level jobs being classified as "hard to fill" due to employment opportunities growing faster than the population. The exploding employment is due to the fact that the GDP is growing faster than both the population and inflation, creating an increase in demand for labor that cannot be met by the labor supply. The situation created in this case is conducive to international trade, and it shows - more than a quarter of Taiwan's major employers said they were looking overseas to recruit employees.
"Employment areas are balanced, with main employers spread across finance, construction, and manufacturing. Taiwan's major industries are technology manufacturing and IT. Neither industry is presently in danger of becoming obsolete, because they continue to evolve with scientific advancements. This means that Taiwan's backbone industries are very strong, and will continue to grow, especially as more and more countries become technologically advanced. Taiwan's standing in the technology world is considerable - Computex Taipei is an international trade show that happens annually in Taiwan, and internationally is one of the largest of its kind. The show has backing from major manufacturers such as Google, Intel, AMD, and ASUS.
"The average work week in Taiwan is reminiscent of the work week in the United States, running Monday-Friday, 9 AM - 5 PM. However, Taiwanese employees are generally only paid for their time from 9-5, and while they can be required to work outside of that time, they are not paid for it. This creates a situation where many workers may not wish to have a family, because they will not be able to provide time for their families.
"Over the past 5 years, Taiwan's labor participation rate has remained fairly constant, varying by less than a percent each year. From 2010 to 2015, the rates consistently grew by a small amount. This suggests that there are fewer discouraged workers, stay-at-home parents, and a lower concentration of elderly retired citizens. It also means that Taiwan is rapidly nearing its potential labor force. "
Cite this Analytical Essay:
The Economy of Taiwan (2015, June 17) Retrieved December 02, 2023, from https://www.academon.com/analytical-essay/the-economy-of-taiwan-154199/
"The Economy of Taiwan" 17 June 2015. Web. 02 December. 2023. <https://www.academon.com/analytical-essay/the-economy-of-taiwan-154199/>