TAIPEI (Taiwan News) — Economic growth in 2023 will only reach 1.42%, the lowest level in 14 years, the government said on Tuesday (Nov. 28).
In August, the Cabinet’s Directorate General of Budget, Accounting and Statistics (DGBAS) issued a forecast of 1.61%. While Tuesday’s prediction amounted to a cut of 0.19%, it raised its estimate for 2024 to 3.35% from 3.32%, per CNA.
Inflation is likely to slow down next year, with the CPI falling to 1.64%, according to DGBAS. The past year has been difficult for Taiwan’s economy, with exports faltering amid weakening international demand.
High global inflation, interest rate hikes, and the Russo-Ukrainian war also contributed to the uncertain economic situation. The DGBAS prediction for this year’s GDP was the lowest since the 2008 economic crisis.