Taiwan's accession to the WTO and its desire to become an Asia-Pacific "regional operations center" are spurring further economic liberalization. Taiwan recovered quickly from the global financial crisis of 2007–2010, and its economy has been growing steadily since. Its economy faced a downturn in 2009 due to a heavy reliance on exports which in turn made it vulnerable to world markets. Unemployment reached levels not seen since 2003, and the economy fell 8.36% in the fourth quarter of 2008. In response, the government launched a US$5.6 billion economic stimulus package (3% of its GDP), provided financial incentives for businesses, and introduced tax breaks. The stimulus package focused on infrastructure development, small and medium-sized businesses, tax breaks for new investments, and low-income households. Boosting shipments to new overseas markets, such as Russia, Brazil, and the Middle East was also a main goal of the stimulus. The economy has since slowly recovered; by November 2010, Taiwan's unemployment rate had fallen to a two-year low of 4.73%, and continued dropping to a 40-month low of 4.18% by the end of 2011. The average salary has also been rising steadily for each month in 2010, up 1.92% from the same period in 2009. Industrial output for November 2010 reached another high, up 19.37% from a year earlier, indicating strong exports and a growing local economy. Private consumption is also increasing, with retail sales up 6.4% compared to 2009. After 10.5% economic growth in 2010, the World Bank expected growth to continue and reach 5% for 2011. According to the National Development Council, Taiwan's economy declined in May 2019 due to the ongoing China-United States trade war. Foreign trade has been the engine of Taiwan's rapid growth during the past 40 years. Taiwan's economy remains export-oriented, thus it depends on an open world trade regime and remains vulnerable to downturns in the world economy. The total value of trade increased over fivefold in the 1960s, nearly tenfold in the 1970s, and doubled again in the 1980s. The 1990s saw a more modest, slightly less than twofold, growth. Export composition changed from predominantly agricultural commodities to industrial goods (now 98%). The electronics sector is Taiwan's most important industrial export sector and is the largest recipient of United States investment. Taiwan, as an independent economy, became a member of the World Trade Organization (WTO) as Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu (often shortened to "Chinese Taipei"-both names resulting from PRC interference on the WTO) in January 2002.