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Think tank raises Taiwan 2015 GDP forecast to 3.67% (update)

Think tank raises Taiwan 2015 GDP forecast to 3.67% (update)

Taipei, Jan. 26 (CNA) The Taiwan Institute of Economic Research (TIER, ???????) on Monday raised its projection for Taiwan's economic growth in 2015, due in part to falling oil prices, an improving global economy and a better outlook on domestic consumption. The Taipei-based private research organization now expects Taiwan's gross domestic product (GDP) to grow 3.67 percent this year, up 0.19 percentage points over its previous forecast set in November. Gordon Sun (???), director of TIER's Macroeconomic Forecasting Center, explained that the revision is primarily because of the recent decline in international crude oil prices, which he said could help boost Taiwan's domestic consumption growth to 2.71 percent this year, up 0.24 percentage points over TIER's previous forecast in November. Despite an improving global economy led by a strong recovery in the United States, Sun warned that there are still uncertainties in Taiwan's trade and export outlook over 2015 because of weak demand in Europe and China. TIER's new GDP estimate was slightly lower than data from another local leading economic think tank, the Chung-Hua Institution for Economic Research (???????), which forecast in December that Taiwan's GDP will grow 3.5 percent in 2015, up from the 3.43 percent growth expected in 2014. Academia Sinica (?????), Taiwan's top research institution, said however last month that the country's GDP growth could edge lower to 3.38 percent in 2015 from the 3.42 percent it expected for 2014 because of slowing economic growth in China, leading to weaker demand for Taiwanese exports and a potential drop in investment. (By Jeffrey Wu)


Updated : 2021-09-27 04:16 GMT+08:00