Taiwan revises down 2022 GDP growth forecast, hit by COVID and inflation

TAIPEI : Taiwan's economy is likely to grow at a slower pace this year that initially forecast, the statistics office said on Friday, downgrading its outlook due to global inflation and COVID-19 dampening consumer demand at home and abroad.

Gross domestic product is expected to rise 3.91 per cent this year, the Directorate General of Budget, Accounting and Statistics said, down from 4.42 per cent growth forecast in February. The directorate said Taiwan's surge in COVID-19 infections and inflation driven by the war in Ukraine were affecting consumers at home and abroad, even as demand for semiconductors, the main plank of Taiwan's economy, remained strong.Taiwan's exports are a bellwether of demand for global tech giants such as Apple Inc, as the island is a major producer of semiconductors, a global shortage of which has rattled firms like auto makers and boosted Taiwanese corporate profits.

Another risk is the slowdown in the economy of China, Taiwan's top trading partner, where strict measures to control COVID outbreaks have led to the prolonged lockdown of economic hub Shanghai and movement curbs in numerous cities including Beijing.

Source: Financial Digest (financialdigest.net)

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