TAIPEI (Taiwan News) — Central Bank Governor Yang Chin-long (楊金龍) on Thursday (Nov. 3) ruled out Taiwan falling into a “lost decade,” as economic growth was still likely to stay above 3% this year.

Despite global inflation and heightened regional tension, there was no risk of Taiwan’s economy entering a recession or a financial crisis, the nation’s top banker told lawmakers.

Legislators voiced concern about a range of factors, including the falling exchange rate, slower growth amid a slowdown in exports, regional military tension, and the trade war between China and the United States, CNA reported. They expressed worry that Taiwan might fall victim to a new regional financial crisis, as in 1997 and 2008.

However, Yang pointed out that with the country’s gross domestic product (GDP) still on course to grow by 3% to 3.5% this year and 2.5% to 3% in 2023, there was hardly any likelihood of Taiwan getting caught up in a financial crisis or in a “lost decade” in the near future.

In August, the Directorate General of Budget, Accounting and Statistics predicted GDP growth for the whole of 2022 at 3.76%, though National Development Council Minister Kung Ming-hsin (龔明鑫) later told reporters the figure would be lower, though still above 3%.