TAIPEI (Taiwan News) – Taiwan’s economy is performing better than expected, leading the government to raise its growth prediction for 2018 to 2.69 percent from 2.60 percent.
For 2019, the Cabinet-level Directorate General of Budget, Accounting and Statistics is predicting a slight decline to 2.55 percent, the Central News Agency reported Friday.
A stronger-than-expected performance by Taiwan’s economy during the first half of 2018 is behind the decision by the DGBAS to adjust its prediction from May upward.
Nevertheless, economists admonished that there were still several variables at play, such as the fallout from a trade war between the United States and China, the restructuring of the Chinese economy, and local and regional conflicts, CNA reported.
Important domestic factors to consider were the progress made by the government’s Forward-looking Infrastructure Development Plan and manufacturing creativity program, reports said.
Economic growth for 2018 in South Korea was predicted at 2.8 percent, Singapore at 3 percent, and Hong Kong at 3.6 percent, according to the Apple Daily.