Taiwan to see fast chip growth

"Elixir" random-access memory (RAM) made by Nanya Technology Corp. is arranged for a photograph in Taipei, Taiwan, on Tuesday, Jan. 22,2008. Nanya Technology Corp. is Taiwan's second-biggest computer-memory chipmaker. Photographer: Maurice Tsai/Bloomberg News

TAIPEI: Taiwan’s economy will probably grow at its fastest pace in seven years in 2021, the government said, forecasting that a global scramble for semiconductors will deliver a boost to the island’s exports.

Gross domestic product (GDP) will likely expand 4.64% in 2021, the statistics bureau said, compared to a forecast of 3.83% made late last year. Officials also revised up fourth-quarter GDP expansion to 5.09%.