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Academia Sinica cuts growth forecast to 1.74% next year

Academia Sinica cuts growth forecast to 1.74% next year

Academia Sinica cuts growth forecast to 1.74%

Academia Sinica’s Institution of Economics on Thursday cut its GDP growth forecast for Taiwan next year to 1.74 percent, citing weakening global demand.

The research institution have downgraded their forecasts to 2.49 percent for December from the previous estimate of 3.24 percent in July, a 0.75 percent lower than expected.

Due to poor export performance, Taiwan's GDP for the third quarter of this year contracted 0.63 percent from a year earlier, worse than an earlier forecast of a 0.10 percent increase made in August but better than an estimate of a 1.01 percent decline made in October.

The government agency said Taiwan's economy for the beginning of next year is expected to slow slightly although the global economy is seen to stabilize, downgrading its GDP growth forecast to 1.74 percent.


Updated : 2021-09-29 10:30 GMT+08:00