Taiwan's claim to its status as a "development miracle" is strong. The island racked up a measured annual economic growth rate averaging about 7% over the four decades from 1960 to 2000. Taiwan's economy grew nearly 10% annually in the 1965-1980 period, faster than any other nation's. Despite its now high-income status,with a per capita income of $13925 in 2000 at market exchange rates ($22646 in 2000 at PPP),Taiwan continued to grow, at a rapid rate of 5.7% on average over the 1996-2000 period.