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MNI BRIEF: Taiwan's 2023 GDP Forecast Revised Lower


Taiwan’s economic growth forecast for 2023 has been downgraded by 0.63% to 2.12%, the Department of National Statistics said on Wednesday.

Although private consumption is predicted to increase by 5.24% off the back of relaxed covid control measures, the global economic turndown will see exports grow by 0.04% in 2023, according to a statement posted on their website.

Positive trends for 2023 will likely be the continued investment in the semiconductor industry and the renewal of cross border tourism. Also announced on Wednesday, Taiwan’s GDP for Q4 2022 contracted by 0.41%, bringing total growth in 2022 to 2.45%, the lowest since 2016.

MNI Beijing Bureau |
MNI Beijing Bureau |

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