Last year, Taiwan suffered its deepest recession in over 50 years because of the global financial crunch, with as many as 1.4 million people affected by the downturn. Despite those economic difficulties, we deeply hope that good luck and fortune will grace the country in the new year. Taiwan posted many historical lows in 2009. The economy contracted by 2.53 percent and exports plunged 20.3 percent. Many people were forced to take unpaid leave and close to 700,000 people were out of work -- a situation far more serious than the two oil crises in the 1970s and 1980s and the bursting of the dot.com bubble in 2000. Fortunately, Taiwan's economy began showing signs of recovery in the fourth quarter last year, on a par with the global trend. The benchmark weighted index of the local bourse rose from 4,475 in January to 7,837 by the end of December. However, worldwide hopes for a sound recovery have been dampened by the recent sovereign debt defaults in the euro zone, sending international stock markets, including Taiwan's, plummeting. Economic uncertainty has again cast a shadow on the global economy. Looking back at world history, we know that economic ups and downs are normal and that the global economy always seeks to crawl back after hitting bottom. There is no shortcut for the world economy to return to its peak this time around. As the Year of Tiger arrives, we wholeheartedly pray that Taiwan's economy will swiftly regain its momentum, just as we hope for the arrival of spring that will bring a warm breeze to our humble homes. (Feb. 18, 2010) 