TAIPEI (Taiwan News) – The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) research institute has revised its forecast for Taiwan's 2018 GDP growth to 2.49 percent, citing robust exports and consumption, at a press conference on July 25 reported CNA.
The revised figure is an increase of 0.04 percent from its previous estimate in April, with the global economic recovery, rising raw material prices, increasing international trade and better than expected domestic consumption cited as positive influences.
TIER is one of Taiwan's two main economic think tanks, and a leading force of economic analysis for Taiwan and the broader region. The think tank also provides advisory services to government and private industry.
Gordon Sun (孫明德), director of the TIER's Economic Forecasting Center said that in sum, Taiwan's first half of the year was better than expected.
In regards to domestic consumption, Sun said that good company profits and returns from the stock market caused increased wages and consumption, leading to greater than expected retail turnover in the first half of this year.
Sun said that global economic forecasting from the International Monetary Fund showed strong global economic performance, but growth and projected future growth in major economies is inconsistent. For example, while the U.S. is undergoing a period of good growth, the European Union and Japan have endured suboptimal economic performance.
Attention needs to be paid to the China-U.S. trade war, as well as trade frictions between the U.S. and the world, as well as uncertainties surrounding the European Union and financial instability in emerging markets, he said.