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ADB raises Taiwan growth prediction to 6.2% for 2021

COVID outbreaks and low vaccination rates still threaten Asian economies

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The ADB raises its 2021 GDP growth forecast for Taiwan to 6.2% from 4.6%. 

The ADB raises its 2021 GDP growth forecast for Taiwan to 6.2% from 4.6%.  (CNA photo)

TAIPEI (Taiwan News) — While the Asian Development Bank (ADB) trimmed its forecast for Asia’s overall economic growth to 7.1% for this year, it nevertheless raised its growth prediction for Taiwan to 6.2%, reports said Wednesday (Sept. 22).

The regional financial institution cautioned that the COVID-19 pandemic would leave marks on the area’s economies, CNA reported. Nevertheless, it upgraded its prediction for Taiwan’s Gross Domestic Product (GDP) from 4.6% to 6.2% for 2021, though for next year it expected 3.0%.

The demand for COVID vaccines would grow as their effectiveness against the coronavirus diminished gradually, the ADB said.

“New COVID-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects,” according to the body’s Asian Development Outlook update.

The United States and most European countries had a vaccination level above 50%, while developing Asian countries lagged behind at less than one-third, the ADB said. Taiwan’s Central Epidemic Command Center on Wednesday put the nation’s first-dose vaccination level at just under 50%.