Taiwan 2021 Fitch ratings upgrade Taiwan to AA level

2021-09-15 19:33
This is the first time since 2012 that Fitch Ratings has upgraded Taiwan’s long-term foreign currency Issuer Default Rating (IDR) to from AA- to AA in September 2021.

Taiwan’s outstanding performance for the COVID-19 pandemic, increasing exports and consistent fiscal prudence contributed to the upgrade. It also predicted that Taiwan’s economy would grow by 6% for 2021, which providing a stable trend for the near future.

“Growth momentum is underpinned by robust export performance and Taiwan’s relative success in containing COVID-19 without causing major disruptions to manufacturing operations, including a recent outbreak”.

However, it also pointed out the island nation was lagging behind other major countries in terms of inoculation of the public, with only 45% having injected the first COVID vaccine and just 4% injected the second one.