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Bloomberg
Taiwan cut its 2022 growth forecast for the third time this year as the global demand slowdown and rising geopolitical tensions with China prove tough to navigate.
Gross domestic product is likely to grow 3.06% for the year, the cabinet’s statistics department said. That’s lower than the last formal estimate of 3.76% given in August. The official 2023 GDP forecast was downgraded to 2.75% from 3.05%.
Authorities cited a downturn in exports through the rest of this year and next as contributing factors.
“Economic growth is expected to be relatively low in the first half of 2023,†said Tsai Yu-tai, the department’s head of statistics.
Chu Tzer-ming, the cabinet’s chief statistician, added that growth would “gradually pick up†after the second quarter.
Export growth for 2022 is projected at around 8.7%, lower than an earlier forecast of about 13.5% as global
inflation, interest rates and China’s Covid Zero policy curb demand.