Taiwan plans to spend T$2 billion to cushion its economy amid coronavirus outbreak

With different parts of world reeling with coronavirus outbreak, Taiwan is reportedly planning to spend $2 billion to reduce impact of outbreak on its ecomy that majorly relies on exports. According to reports, government is handing out loans to small business establishments and even coupons to spend on food.

Taiwan slashed estimate for ecomic growth

According to reports, Taiwanese government on February 12 slashed its estimate for ecomic growth in year 2020 as viral outbreak threatens to hit ir ecomy. state has reported 18 coronavirus related cases with casualties so far. state has also implemented travel bans in order to curb spre of virus.

According to reports, Taiwanese cabinet tabled a proposal of T$14.23 billion for both its tourism and transport industries. It also included subsidies for most impacted tourism ncies and cut in taxes for people driving tour buses. In dition to this, a loan for owners of consumer-facing businesses was also included.

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tourism industry accounts for 2% of Taiwan's GDP

According to reports, tourism industry only accounts for two per cent of state's GDP. Deputy research director of National Development Council, Ming-Huei Wu said that spre of coronavirus in China will have an impact on Taiwan's industries, ding that impact of outbreak would be on a smaller scale as compared to 2003-2003 Severe acute respiratory syndrome(SARS) outbreak that claimed lives of 37 people.

Wu furr ded that Taiwan's ecomy ministry was planning on handing out coupons to be used in departmental stores and night markets. He said that consumers will be able to spend and government will be giving out discounts.

death toll due to coronavirus outbreak in China has reached at least 1,355 as number of fatalities in Hubei — Chinese province at centre of epidemic — more than doubled to 242. province also reported 14,840 new cases as it revised method for counting infections. This brings total number of cases in China to 60,016.

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