COVID-19 in Taiwan: Economic Impacts and Lessons Learned*

Abstract

Abstract This paper illustrates Taiwan's experience in controlling the virus and curbing the impact of COVID-19 on its economy. All the following factors contributed to Taiwan's early success in fighting COVID-19: the early establishment of a command center, the “precision-prevention” model of strategies that includes tight border controls and strict quarantine policy, the procuring of sufficient anti-pandemic medical supplies, and educating residents about public health awareness (e.g., promoting face mask wearing in public, maintaining proper social distance, and handwashing procedures). In addition, the country's medical facilities and a national health insurance program that are already in place along with the utilization of technology and big data also played a crucial role during the pandemic. Taiwan's success story may open up opportunities for the country to assume a leading role as a facilitator in the reallocation of the global supply chain and the creation of a new worldwide health coalition that includes Taiwan, unlike its lonely efforts 17 years ago when SARS hit the Southeast Asian and Pacific regions.