Taiwan Downgrades Growth Outlook Again as Election Looms
- Government cuts official 2023 growth forecast to 2.04%
- Taiwan experienced worst slump since the financial crisis
Private consumption in Taiwan grew 6.6% in the first three months of 2023, gains that were largely offset by an almost 4.2% drop in investments.
Photographer: Billy H.C. Kwok/BloombergThis article is for subscribers only.
Taiwan cut its 2023 growth outlook for a second straight quarter, with the deteriorating economic situation likely to become a key campaign issue in upcoming elections.
President Tsai Ing-wen’s government revised down its growth forecast for this year to 2.04% Friday. In February her government lowered its estimate for gross domestic product growth to 2.1% this year, down from November’s forecast of 2.75%, but since then exports have continued to slump.