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IMF revises Taiwan’s GDP forecast to 5.9% for 2021

IMF also predicts country’s GDP to grow by 3.3% in 2022

Taipei. (Getty Images)

Taipei. (Getty Images)

TAIPEI (Taiwan News) — The International Monetary Fund (IMF) has forecast Taiwan’s gross domestic product (GDP) to grow by 5.9% this year.

The IMF revised its previous 2021 GDP forecast in April for Taiwan from 4.7% up to 5.9% in its World Economic Outlook report titled “Recovering During a Pandemic” released on Tuesday (Oct. 12). The new IMF growth estimates this year are similar to Taiwan’s Directorate-General of Budget, Accounting and Statistics (DGBAS) August forecast that the nation’s GDP would grow by 5.88% in 2021.

The body also raised Taiwan’s 2022 GDP forecast to 3.3%, up from its April prediction of 3%, according to CNA. This figure is slightly lower than DGBAS’ August forecast of 3.69% for next year.

Other economic indicators in the report included Taiwan’s consumer price index, used to measure inflation, which was projected to hit 1.6% in 2021 and 1.5% in 2022. Meanwhile, the county’s unemployment rate was predicted to hover around 3.8% this year and 3.6% for 2022.

Unfortunately, the IMF chose to incorrectly list the nation as “Taiwan Province of China” in its report.

Updated : 2021-10-18 02:58 GMT+08:00