Taiwan's 2004 in review

A combination of economic expansion, rising prices and negative real rates led Taiwan's central bank to shift its monetary policy stance and raise rates in 2004, writes the governor, Fai-nan Perng, in the annual report.

On the back of exceptional performance in the external sector and a pick-up in domestic demand, GDP grew at a "brisk" 5.71% according to the governor. Inflation remained low at 1.62% during the year. With the economy continuing to perform favourably, the central bank raised

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