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Taiwan GDP to grow by 3.4% in 2014: HSBC
Taiwan News, Staff Writer
2014-01-08 02:25 PM
HSBC Bank (Taiwan) released its global economic outlook report Tuesday, predicting a 2.6 percent growth in gross domestic product (GDP) this year among developed market economies. Also according to the report, Taiwan's GDP growth, corporate earnings per share, and consumer spending are forecast to grow by 3.4 percent, 11 percent and 6.1 percent respectively in 2014.

Steve Chuang, senior vice president of wealth management at HSBC Taiwan, cited IMF data saying that the US and Europe will see their economies bounce back this year, leading to an increasing share for the US and Europe as destinations for goods exported from emerging Asian countries. Exports to the US will rise from the 13 percent share seen in early 2013 to 15.27 percent, while the share of exports going to Europe will rise from 4 percent to 4.85 percent.

Chuang added that China's economy has recovered in the second half of 2013 and its share as an export destination will grow from 35 percent to 37.81 percent. Chuang is optimistic on corporate earnings across emerging Asian countries, in particular the 21.1 percent EPS increase for South Korea, and bright on business orders as the global economy warms up.

Following HSBC’s optimistic report along with others given by foreign and local institutions, Taiwan’s Financial Supervisory Commission (FSC) Chairman Tseng Ming-chung says GDP growth for Taiwan this year will likely reach 3 percent. He also sees a buoyant stock market. Tseng urges employers in financial businesses or listed companies to increase their employees’ salary.

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