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Taiwan, also known as Formosa (meaning “beautiful” in Portugese), is an island located in East Asia in the Western Pacific Ocean. It is the largest island of the Republic of China (ROC). Taiwan is located off the southeastern coast of mainland China.
Taiwan’s rapid economic growth in the decades after World War II has transformed it into an advanced economy as one of the Four Asian Tigers. This economic rise is known as the Taiwan Miracle. It is categorized as an advanced economy by the IMF and high-income economy by the World Bank. Its technology industry plays a key role in the global economy. Taiwanese companies manufacture a large portion of the world’s consumer electronics, although most of them are made in their factories in mainland China.
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