Jun 22, 2017 Athletic Comments Off on Think tank raises Taiwan GDP growth forecast for 2017 to over 2%
Taipei--The Taiwan Research Institute said on Thursday it has raised its forecast for gross domestic product (GDP) growth in Taiwan for 2017 to more than 2 percent, at a time of rising global demand.
The institute, one of the leading think tanks in Taiwan, upgraded its GDP growth forecast from 1.74 percent to 2.01 percent. The institute joined a growing list of think tanks to hike their GDP predictions to more than 2 percent.
On the back of a global economic recovery, Taiwan's commercial sales, which are comprised of wholesale, retail and restaurant/food/beverage industries, started to make a comeback in the second half of last year, while momentum also picked up in industrial production in the second half of last year on the back of growing exports, the institute said.
For 2017, the think tank said that Taiwan's private consumption is expected to grow 1.77 percent from a year earlier after inflationary adjustments, while the real growth in private investments could hit 1.85 percent, the latest forecast showed.
In addition, real growth in the import and export of merchandise and services in 2017 is expected to reach 3.73 percent and 3.63 percent, respectively, from a year earlier, while capital formation could grow 2.22 percent after inflationary adjustments, the institute said.
However, the institute said growth could weaken slightly in the second half of the year due to a relatively high comparison basis over the same period of last year.
According to the institute, Taiwan's GDP for the first quarter is expected to grow 2.32 percent, followed by a 1.95 percent increase in the second quarter, 1.83 percent in the third quarter and 1.72 percent for the fourth quarter.
In the second half of this year, the institute said the market should pay attention to U.S. trade policy under President Donald Trump, who has advocated protectionism, as well as how the Federal Reserve implements its rate hike cycle.
The think tank said that foreign fund movements, China's economic growth, cross strait ties and domestic power supply could affect the domestic economy in the second half of the year.
Despite slower growth in the second half of the year, the institute said Taiwan's economic growth is expected to remain stable throughout 2017.
Source: Focus Taiwan News Channel
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