TAIPEI (Taiwan News) — Taiwan’s gross domestic product (GDP) will rebound in 2024 to reach a growth rate of 3.15%, the Taiwanese Institute of Economic Research (TIER) said Wednesday (Nov. 8).
Forecasts for 2023 started at more than 2%, but gradually fell to around 1% as demand for Taiwan exports declined. TIER’s latest prediction for this year stood at 1.43%, Radio Taiwan International (RTI) reported.
Export orders and exports had bottomed out, with a revival expected to peak during the second quarter of next year, the think tank said. However, economists warned that inflation as the result of war and climate change could still upset the positive picture.
In contrast, investments in semiconductors, new technologies, and green energy would combine with continuing consumer spending to fuel the country’s economy, the TIER said. Factors to watch out for included consumer demand in the United States, the Chinese economy, prices of raw materials, and the monetary policies of central banks, according to the forecasters.