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Taiwan raises 2021 economic growth forecast to 6.09%

Economy expanding at fastest level in 11 years, inflation likely to slow next year

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The government sees the economy growing by 6.09% in 2021. 

The government sees the economy growing by 6.09% in 2021.  (CNA photo)

TAIPEI (Taiwan News) — The government has raised its forecast for economic growth this year to 6.09%, which would amount to the highest level in 11 years, reports said Friday (Nov. 26).

In October, the Directorate General of Budget, Accounting and Statistics (DGBAS) predicted a GDP annual expansion rate of 6.01%, as the economy grew by an estimated 3.8% during the third quarter. Looking beyond this year, a growth rate of 4.15% is likely for 2022, CNA reported.

Addressing worldwide concerns about rising prices, the DGBAS produced forecasts of 1.98% for 2021 and 1.61% for 2022. Economists recently predicted that the annual figure for the Consumer Price Index is unlikely to cross the 2% mark, and inflation will slow down next year as the pandemic and problems in the supply chain gradually ease.