TAIPEI (Taiwan News) — Taiwan is expected to have the same economic growth rate in 2020 as 2019, according to a report released by the Asian Development Bank (ADB) on Wednesday (Dec. 11).
Seen as fallout from the China-US trade war, the economic picture in Central Asia does not look optimistic. ADB downgraded its projection for the 2020 economic growth of Central Asian countries to 5.2 percent, as China and India are set for the slowest growth rate in more than six years.
Based on the report, Taiwan is the only beneficiary from the trade war as it is forecast the other three of the Four Asian Tigers will suffer economically. The predicted growth rates for South Korea, Singapore, and Hong Kong in 2020 have been trimmed to 2.3 percent, 1.2 percent, and 0.3 percent respectively, while Taiwan is on 2 percent, which is not very different from this year's 2.2 percent.
Chief Economist and Director General of ADB, Yasuyuki Sawada, said that Asia is facing rising food costs, which could contribute to inflation. He added the threat of African swine fever (ASF) is also a key factor in the decline of global economic performances, reported UDN.