2021 Taiwan Industrial Outlook-Global and Taiwanese IT Software and Service Industry Year Book

Compared to 2019, several detrimental factors like the COVID-19 outbreak and the China-U.S. trade war led to a severe global economic recession in 2020. The COVID-19 pandemic has forced factories to temporarily shut down. City lockdowns, transportation restrictions, and social distancing were put in place to avoid any further spread of the virus. The chain reaction resulted in lower-than-expected economic performance due to people’s loss of income and the fear of spending money in a time of recession. According to the statistics released by the International Monetary Fund (IMF) in October 2020, the global economy is estimated to grow 5.2% in 2021 and 4.2% in 2022, up from 4% economic decline in 2020.