The Ministry of Finance stated that Standard & Poor's today confirmed that my country's sovereign credit rating is "AA+", with a "stable" outlook, affirming my country's sound financial management and solid financial resilience.

(Photo by reporter Zheng Qifang)

[Reporter Zheng Qifang/Taipei Report] The international credit rating agency Standard & Poor's (Standard & Poor's) released a news today, confirming that it will maintain and upgrade my country's sovereign credit rating to "AA+" from 2022, with a "stable" outlook.

The Ministry of Finance stated that Standard & Poor's affirms my country's sound fiscal management and solid fiscal resilience, and will fully implement the warm and tough policy goals of the Executive Yuan to promote the stable growth of the domestic economy while taking into account fiscal soundness.

According to the Ministry of Finance, Standard & Poor’s believes that my country’s fiscal management and execution performance have been excellent in recent years, benefiting from the revenue of the Liangli technology industry and strong economic performance. The special budget for strengthening economic and social resilience after the epidemic and sharing economic achievements for all” is an important cornerstone.

At the same time, it is believed that the growth rate of government debt is relatively moderate. By the end of 2022, the ratio of net debt of all levels of government to GDP will drop from 32% before the COVID-19 epidemic to 27%. It is estimated that the average change in this ratio between 2023 and 2026 will be about 1.3%.

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Standard & Poor's pointed out that the slowdown in global semiconductor demand in 2023 will weaken my country's economic growth, but 5G, big data analysis, electric vehicles and artificial intelligence are still booming. It is expected that my country's long-term export and economic growth prospects will be good.

In addition, my country's fiscal stability, abundant liquidity and moderate price rise compared with other countries will help reduce government debt costs and help my country maintain a strong economic growth momentum.

The Ministry of Finance stated that in the face of multiple downside risks and challenges such as the stalemate in the Russia-Uzbekistan war, financial system turmoil caused by interest rate hikes, technological disputes between the United States and China, and climate change, in addition to continuing to prudently manage the country's finances, it will also use the accumulated fiscal capacity in recent years to provide post-epidemic stability. Recovering, strengthening the social security system, improving national infrastructure, promoting the financial resources required for the six core strategies and the four major tasks, comprehensively strengthening Taiwan's overall economy, social resilience and resilience, and universal cash and sharing economic achievements with all people, fully implement the Executive Yuan Warm and tough policy goals to promote the stable growth of the domestic economy while taking into account fiscal soundness.

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