Business New----Taiwan faces economical challenge

   Taiwan is the world's 24th largest economy and Asian's sixth largest, witch economic rising relates to rapid industrialization and hi-tech section. Therefore, in the latter of 20^th Century, it is referred to as the “Taiwan miracle”.

  

Denni Wang managed to transform his business to remain competitive

    However, it heavily relies on the tech sector which makes it turns down fast in the global economic crisis. Over the last five years, its growth has slowed to an average of 4%, especially in the years during the financial crisis in 2009. It seems Taiwan has to find a new formula for economic success.

  

A concept of business competition and survival.

  The most important challenge that Taiwan faces is growing competition. There’s going to be growing dominance from the particular Asia, Latin America and also Africa. Chinese hi-tech manufactures development is a big pressure. Therefore, Taiwan has designed to develop some industries which can outperform China, Such as tourism, medical, education and high-value agriculture services.   

   This case reflects every business in the world. It is natural to face competition from every area of business. In order to come over the decline and challenge during the development, they should find the main problems and figure out the correct way and new ideas to be success in the competition.