Taiwan’s economy is expected to grow at a slower pace this year than originally expected, according to the statistical agency, which downgraded its outlook due to global inflation and declining demand caused by the coronavirus.
The downward revision comes despite the fact that the statistical service has upgraded estimates for the increase in exports this year, with continued strong demand for the island’s technological products, mainly for 5G, electric vehicles and high-tech computers.
GDP is expected to grow 3.91% this year, lower than growth estimates of 4.42% in February.
This is a lower percentage than 6.45% in 2021, which was the highest in a decade, from 10.25% in 2010.
The statistical service announced that household consumption will be greatly affected by the increase in coronavirus cases, leading to a downward revision of 0.5% -0.7% this year.
He now expects exports to rise 14.62% this year, from the 9.69% he expected earlier.
In the first quarter, GDP had grown by 3.14% compared to the previous year.
Source: Capital
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