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IMF raises Taiwan 2014 GDP growth forecast

IMF raises Taiwan 2014 GDP growth forecast

Washington, Oct. 7 (CNA) The International Monetary Fund (IMF) has raised its forecast for Taiwan's gross domestic product (GDP) growth in 2014 because of an unexpectedly strong recovery in exports. In its World Economic Outlook, the IMF increased its previous 2014 growth forecast for Taiwan by 0.4 percentage points to 3.5 percent, which will outperform average global growth of 3.3 percent projected by the IMF. The IMF is one of several domestic and foreign institutions to raise their forecast for Taiwan's 2014 GDP growth because of a strong recovery in exports, the backbone of the country's economy. In mid-August, Taiwan's Directorate General of Budget, Accounting and Statistics raised its forecast of Taiwan's 2014 GDP growth to 3.41 percent from 2.98 percent. Based on the latest IMF forecasts, Taiwan's growth will outpace that of Hong Kong and Singapore, which are expected to grow at a 3 percent clip in 2014, but fall short of the 3.7 percent growth estimated for South Korea. Although the IMF raised its forecast for Taiwan's 2014 GDP growth, it lowered its projection for the country's growth in 2015 by 0.1 percentage points to 3.8 percent. The IMF also lowered its forecast for global economic growth in 2015 by 0.2 percentage points to 3.8 percent. (By Rita Cheng and Frances Huang)


Updated : 2021-07-26 03:50 GMT+08:00