The Taiwanese economy is known for its rapid growth and transformation, particularly since the late 20th century. It is characterized by a strong manufacturing sector, especially in electronics and semiconductors, with major companies like Taiwan Semiconductor Manufacturing Company (TSMC) leading the global market. The economy also benefits from a robust service sector and a focus on innovation. In recent years, Taiwan has faced challenges such as global supply chain disruptions and geopolitical tensions. However, it continues to maintain a high standard of living and a competitive workforce. The government promotes trade and investment, further enhancing its economic resilience and growth potential.