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Taiwan 2013 GDP growth will fail to reach 3 percent

Taiwan 2013 GDP growth will fail to reach 3 percent

TAIPEI (Taiwan News) – Taiwan’s Gross Domestic Product will fail to reach its 3-percent growth target for the year and only amount to 2.4 percent, the government forecast Friday.
The new figure, announced by the Cabinet-level Directorate-General of Budget, Accounting and Statistics, was a major disappointment as the previous government estimate stood at 3.59 percent.
Doubts about the numerous administration promises grew after the GDP growth figure for the first quarter released in April stood at 1.54 percent, or less than half the 3.26 percent initially forecast. The DGBAS nevertheless revised its first-quarter figure up to 1.67 percent on Friday.
The latest prediction for the year’s growth was certain to raise criticism of the government’s capabilities, since the past year was also marked by numerous optimistic growth forecasts followed by consecutive downgrades.
Key elements in the lower GDP projection were disappointing export figures and a continuation of weak domestic consumer spending, reports said. On the international front, positive news from the United States was encouraging but in contrast, the Chinese economy seemed to be weakening.
The administration of President Ma Ying-jeou has been faulted for making Taiwan’s economy to reliant on trade with China.
Think tanks said the global situation was still too unclear to make way for extensive optimism. Some parts of the world were performing well, but there were still too many doubts about other regions to allow a global recovery to take hold, experts said.


Updated : 2021-06-20 18:18 GMT+08:00