Taiwan lowered GDP growth forecast
2022.11.29 04:08
Taiwan lowered GDP growth forecast
Budrigannews.com – The statistics office said on Tuesday that Taiwan’s economy is likely to grow more slowly this year and next than it had been predicted.
It also reduced its outlook for exports because of global inflation, rate increases, and China’s zero-COVID policy.
The Directorate General of Budget, Accounting, and Statistics said that GDP for 2022 will now be 3.06 percent higher than it was last year.
This is a decrease from the 3.76 percent it had predicted in August.
That would represent a slowdown from the 6.45 percent recorded for 2021, which was the economy’s fastest growth rate since 10.25 percent in 2010.
In comparison to the earlier forecast of 13.51 percent, the statistical agency now anticipates exports increasing by 8.73 percent in 2022.
It predicted that GDP would grow by 2.75 percent in 2023, as opposed to the previous estimate of 3.05 percent, and that exports would shrink by 0.22 percent, as opposed to the 2.64 percent expansion that had been anticipated.
Additionally, the office made a small upward revision to its 2022 inflation outlook. It anticipates a rise in consumer prices of 2.94 percent in 2022, compared to a rise of 2.92 percent previously anticipated.
However, it also projects a rise of 1.86 percent in 2023, as opposed to a rise of 1.72 percent previously anticipated.
The agency reported that GDP grew by a revised 4.01 percent in the third quarter, slightly slower than the preliminary reading of 4.1%.
