Taiwan’s economy staged a sharp recovery, rising by an annualised rate of more than 20 per cent in the second quarter as exports rebounded and government stimulus measures began to take effect.

The sharp rise in output marks a big turnaround for one of Asia’s most export-dependent economies, which had suffered its deepest-ever contraction six months ago. It follows similarly sharp improvements in the second quarter by several Asian economies, including Singapore, South Korea and Hong Kong.