Taiwan raises economic growth forecasts for 2019 and 2020

GDP benefits from Taiwanese businesses returning amid trade wars: DGBAS

The DGBAS has raised its growth forecasts for 2019 and 2020. The DGBAS has raised its growth forecasts for 2019 and 2020. (CNA photo)

TAIPEI (Taiwan News) – Taiwan’s economy will grow by a higher-than-expected 2.64 percent this year and even by 2.72 percent in 2020, the government predicted Friday (November 29).

The new figures amounted to a hike from previous forecasts by 0.18 percent and 0.14 percent respectively, according to the Directorate General of Budget, Accounting and Statistics (DGBAS).

While the global economy still struggled with the impact of the trade war between the United States and China, the Taiwan government’s campaign to lure Taiwanese investors back from the communist country was already proving an important engine for domestic growth, the Central News Agency quoted DGBAS.

Nevertheless, the government body still cautioned that several factors could still influence developments in a negative way, such as the performance of international stock markets, currencies, and trade disputes including that between Japan and South Korea.