Taiwanese government cuts growth forecast to 2.75%

  • The Directorate-General of Budget, Accounting, and Statistics (DGBAS) lowered Taiwan’s 2023 GDP growth forecast to 2.75%, down from 3.05%. Likewise, the DGBAS has revised Taiwan’s GDP growth for 2022 downward by 0.7 percentage points to 3.06 percent.
  • CPI inflation for 2023 was revised to 1.86 percent, up 0.14 percentage points from its August estimate.
  • DGBAS cited persistent inflation, the Russo-Ukrainian war as drags on the external demand. Slowing global business momentum and inventory adjustments will drag on export growth.
  • DGBAS also singled out the US CHIPS and Science Act and similar proposals from the European Union as a source of uncertainty for the economy.

External Link : https://focustaiwan.tw/business/202211290020