In addition to describing the history of severe acute respiratory syndrome (SARS) in Taiwan, the government's measures to contain the outbreak, and the actual economic impacts of SARS on Taiwan's economy, this paper presents the results of a multiregional computable general equilibrium model (Global Trade Analysis Project model version 6.2) that predicts the outbreak's consequences to 31 service and manufacturing sectors in Taiwan and to the GDP of 16 regions. The results of a short-term outbreak (less than 1 year), taking into account capital accumulation, are compared with those of a longer outbreak (more than 1 year). The losses to GDP are also predicted for the cases in which (1) China provides complete information on its SARS cases and (2) it fails to fully disclose the progress of the outbreak there to the international community. For a short-term outbreak, the simulation predicts losses to GDP of the service and manufacturing sectors of 0.67 percent in Taiwan, 0.20 percent in mainland China, and 1.56 percent in Hong Kong. If SARS is a long-run phenomenon, a lack of transparent disclosure about the progress of SARS on the part of the Chinese authorities could cause an additional 1.6 percent decline in China's GDP, according to the simulation. Copyright (c) 2004 Center for International Development and the Massachusetts Institute of Technology.
This article takes Taiwan’s Triple Stimulus Vouchers (TSVs) launched in the second half of 2020 as an example to evaluate the economic benefits of revitalization vouchers during the COVID‐19 period. We apply scenario settings and input–output tables to evaluate the policy benefits. The main conclusions are as follows: (1) The issuance of TSVs will induce consumers to use revitalized triple vouchers. As the epidemic is under control domestically and border control continues that ruled out non‐citizen consumptions, issuing the TSVs during summer vacations generates positive economic benefits. (2) Using promotional activities TSVs are indeed helpful to boost consumer confidence. (3) According to estimates, the benefit of TSVs to real GDP is between NT$45.062 and 83.727 billion; the economic growth rate increases by 0.1173–0.2156%. (4) TSVs have a significant impact on the service industry. The department stores benefited a lot from the TSV policy, and supermarkets and hypermarkets saw rising revenues. Merchants, small shops, and even hawkers in the streets or traditional markets also felt the strength of economic recovery from the retail consumption growth of TSVs, which also brings economic benefits expected by the policy.
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