Taiwan Economy

Economy

As one of the economic powerhouses in Asia, Taiwan’s economy is going pretty good. According to the article from heritage, “Taiwan’s economic freedom score is 77.3, making it's economy the 10th freest in the 2019 Index.” Taiwan is ranked 5th for the economic freedom country amount Asia–Pacific region and the overall score is above most of the countries worldwide. Taiwan has a dynamic capitalist economy system right now, which means the system is characterized by the dynamic of the creative and new corporation. The firm who has a novelty product or service could easily grow in this system and the old company could get decline and fail. In order to open a successful firm in Taiwan, be innovate is a big factor. The customer in there could easily accept the new things and they are going to be really excited because they are trying something that they have never seen before. According to the article from heritage.org, “ The unemployment rate in Taiwan is 3.8% and the inflation rate is 0.6%.” What we can see from these two data is the Taiwan economy is at a stable stage. The unemployment rate is in the good range and it is similar to the United States, which means the purchasing power is good and people have enough money to spend. The inflation rate is low which means they will not have a lot of changes to the economy especially, the price of the product. All in all, the economic situation in Taiwan is amazing for these people who want to open a new business in Taiwan. The business environment is good and the entry level is not really high.

Food Industry

The food industry has always been a huge part of Taiwan’s economy. The customer expense in Taiwan consists of seven categories: Food, Housing, Transportation, Education, Miscellaneous good, Clothing, and medicines. According to the tradingeconomics.com, “Food Expense in Taiwan has a 23.7% of the total expense.” It is all most a quarter of consumption for the average family expense. In Taiwan, Most of the family would prefer to eat out because the food is pretty cheap and they are various types of food that customer can choose. According to the article “Taiwan’s restaurant industry bucks the trend despite economic uncertainties”, the number of restaurants in Taiwan is growing at an average of three to six percent a year to more than 120,000. The food industry environment in Taiwan is going very good and it is keep growing up, which makes it the perfect place to open Chipotle. Not only because of the Taiwanese love to eat out but also they are really like the American culture. It makes easier for the customer in Taiwan to accept the food that Chipotle provide.

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