In the latest global economic forecast reports, a number of global organizations have indicated a decline for the majority of global industries in the coming year.
Both organizations named the worsened second-wave of the COVID-19 pandemic in Europe, India, Brazil, and Latin America, as the prominent reason behind the downward trend. The International Monetary Fund (IMF) and Organisation for Economic Co-operation and Development (OECD) suggested the global GDP would sink by 4.4% in 2020. While there could be a slight rebound in 2021, both the IMF and OECD warned international unemployment rates could increase to 10%.
McKinsey & Company also indicated that the pandemic could, at best, end in Q2 next year, and at worst, the end of 2023. Global organizations are issuing warnings that businesses' financial woes have yet to lessen up. The economic decline is estimated to become widespread across different sectors, from the service industry to retail, telecommunications, healthcare, software, and the automotive sector. Only industries like the stay-at-home economy, 5G, remote-related work, and services are managing better.
IMF Chief Economist Gita Gopinath highlighted the challenges for the global economy in the post-pandemic era, calling it drawn out and difficult. The OECD Secretary-General Angel Gurria warned it would take time for the economy to recover. The rebound would reflect a "U-Shaped" model instead of the often-cited "V-Shaped" recovery, Gurria said.
Governments have been busy rolling out policies to help prop up the economies; the U.S.'s one-trillion relief package to stabilize the market; the European Union's "Next Generation EU" budget at 750 billion €; China released an ambitious new infrastructure project, expected to inject around RMB$10 trillion in seven industries by 2025. Japan and South Korea have issued subsidies for small-and-medium enterprises, as well as investment programs to help companies improve their digital infrastructure or green economy measures.
Taiwan's successful pandemic measures buoyed the domestic economy throughout 2020 as global demand fell. The Industrial Technology Research Institute's (ITRI) latest forecast report for Taiwan's manufacturing industry showed a possible 4.75% growth to NTD$19.68 trillion in 2021; individually, four sectors could see between 2.5% to 9.35%.
However, the report also highlighted two immediate challenges to Taiwan's domestic manufacturing. The manufacturing industry must incorporate and apply newer digital technologies to optimize its operations, and that talent policies must be able to retain tech talent as the drawn-out U.S.-China trade war and technology war would likely lead to more aggressive recruitment efforts.
Due to the COVID-19 pandemic, the global chip shortage has led to foreign government leaders imploring Taiwan's semiconductor industry's assistance, signifying Taiwan's crucial role in the automotive sector. However, with TSMC's importance in the global production chain, experts indicate that the shortage will continue throughout Q1 and only resume prioritization for auto chips. While there ar...
A growing global lighting industry, economy, population, and urbanization are all closely tied to energy consumption demand. For example, stable economic growth and urbanization will prompt office buildings, factories, service industry, and residential buildings. Increasing night-time activity is also correlated to a favorable financial situation, meaning lightning demand will also increase. H...
MicroLED maker PlayNitride and the Industrial Technology Research Institute (ITRI) have signed on a long-term collaboration project to further cement Taiwan's role in the MicroLED-trillion-dollar market. PlayNitride CEO Charles Lee, who had just won this year's SID special contribution award, said the partnership would combine PlayNitride's advanced technology and production capabilities with ...
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Taiwan Machine Tool & Accessory Builders' Association (TMBA) Chairman Hsu Wen-hsien said Taiwan's machine tool industry has finally moved on from its slump since the majority of 2020 and the coronavirus pandemic outbreak. In 2021, Hsu expects to see substantial production and export growth in the industry, ranging from 15% to 20%, as demand increases in the Chinese and American markets. The re...
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Jan 14, 2021Vertex Precision was established in 2005 , and located in the heart of fastener industry in Kaohsiung, Taiwan Being an IATF 16949 certified manufacturer, Vertex provide quality custom fasteners to worldwide customers in various industries, such as automotive, electric vehicles, appliances, electronics, machinery, solar energy, construction, etc. Vertex Precision manufacture custom Ball Stud...
Looking back at the global social and economic impacts of the COVID-19 pandemic, the automobile industry could not escape dwindling demand or disrupted production. The situation is especially crippling for Taiwanese companies as a majority relies on outbound exports to Europe and the U.S., both major outbreak hotspots. However, the pandemic also unexpectedly unveiled a potential business market. ...
■ Huang Chih-ming Shin Chun Enterprise Co., Ltd. is a Taiwan-based professional screw manufacturer, currently producing a wide-range of varied screws, ranging from dental screws, car screws, drywall screws, threading screws, plastic board screws, self-drilling screws, and machine screws. Shin Chun's screws often find application in diverse fields, such as electronics, automotive, and building ...
The COVID-19 pandemic has accelerated the industries' timeline for implementing digital transformation. However, the how's and what's of applying new technologies and improving the added value to existing products and services can be daunting. Three professors from the National Taiwan University College of Electrical Engineering and Computer Science founded the startup company "OmniEyes," basi...
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Founded in 1980, Paul Master Auto Parts Co. is headquartered in Taiwan, a professional manufacturer of chassis and engines parts for passenger cars, trucks, and industrial trucks including forklifts. General Manager Terry Liang said the company has its own professional design department, which provides customized products and specifications for global buyers, including automobile steering and...
As a leading manufacturing technology and equipment exhibition in South China, ITES China was restarted in September 2020 after months of suspension due to COVID-19. The next edition 2021 ITES China will be held on Mar. 30 – Apr. 2 at Shenzhen World Exhibition & Convention Center, Guangdong, China. Covering a total area of 240,000 s.q.m, although twice extended, the exhibition area can still hard...
International Fastener Show China 2020 (IFS China 2020) was grandly closed on November 5, 2020 at Shanghai World Expo Exhibition & Convention Center. IFS China 2020 covered a total display area of 38,000 sqm. 615 well-known fastener enterprises worldwide (1,683 standard booths) showcased fastener manufacturing machinery, molds and consumables, design, technology and services, standard fasteners, ...
Rounding up a unique year, Automechanika Shanghai’s physical fair closes its doors after successfully engaging with players worldwide through its hybrid platform, AMS Live. These onsite-to-online activities presented dynamic opportunities to reconnect the automotive ecosystem and further stimulate industry recovery. Preliminary participation figures portray the eagerness from companies to get ba...