TAIPEI (Taiwan News) — Based on domestic demand and exports, the Taiwan Institute of Economic Research (TIER) has predicted the country’s economy will grow by more than 5 percent this year, reports said Friday (April 23).
The institute’s latest estimate for 2021 reached 5.03 percent, up 0.73 percent compared to their previous forecast, made in January, CNA reported.
Despite the tumultuous effects of the coronavirus pandemic, the global manufacturing sector has barely been affected, with indicators showing a steady recovery ahead, according to TIER.
The United States and China were performing well compared to a low base in 2020, while in Taiwan, the information technology sector’s launch of 5G and investments fueled by contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) amounted to GDP growth.
Both the international situation and the increase of domestic demand have shown a positive trend, and if the global economy can recover relatively quickly from the pandemic, TIER said it can not exclude revising its growth forecast again.