Taiwan's economy, considered a developed economy, is a dynamic and export-oriented one, driven by a diverse range of industries. The island nation has established itself as a global hub for technology manufacturing, with companies like TSMC (Taiwan Semiconductor Manufacturing Company) leading the world in semiconductor production. This has earned Taiwan the nickname "Silicon Island." In addition to technology, Taiwan's economy is supported by sectors such as machinery, microchips, petrochemicals, textiles, and agriculture.
One unique aspect of Taiwan's economy is its reliance on small and medium-sized enterprises (SMEs). These businesses form the backbone of Taiwan's economy, contributing significantly to employment and innovation. Many SMEs are involved in manufacturing and export-oriented industries, leveraging Taiwan's skilled workforce and strategic location for international trade.
The lottery system also plays a notable role in Taiwan's economy and society. Managed by government agencies such as the Taiwan Lottery Corporation, the lottery system includes various types of lotteries, including sports lotteries and welfare lotteries. Revenue generated from lottery sales contributes to public welfare programs, sports development, and charitable causes.
