2022 Taiwan Industrial Outlook-Global and Taiwanese IT Software and Service Industry Year Book

Following the economic recession in 2019 and unfavorable economic news between 2020 and 2021, the world has continued to feel the pressure from the ongoing spread of COVID-19, which not only has forced factories to move out and close down but also impeded logistics and consumers' willingness to purchase. The economic growth has been lower than expected. Global growth was expected to moderate from 5.9 in 2021 to 4.9 percent in 2022. The half a percentage point lower for 2022 than in the October World Economic Outlook (WEO) released by the International Monetary Fund (IMF). In 2023, the global economic growth rate was expected to drop further by 0.6 percentage points to 3.8 percent.

Looking at the economic performance by region in 2022, economic growth of advanced economies was forecast to decrease from 5.9 in 2021 to 4.9 percent in 2022; growth of emerging markets and developing economies was expected to moderate from 6.4 percent in 2021 to 5.1 percent in 2022. Unlike the period 2020-2021, during which advanced economies and emerging markets and developing economies enjoyed a 9.7 and a 8.5 increase in percentage points, these two economies were expected to both see a slight decrease in percentage points during the period 2021-2022.