Central Banks
Taiwan Holds on Rates, Projects Slowest GDP Growth Since 2009
- Rate held at 1.875%, while central bank strikes hawkish tone
- Central bank downgrades GDP growth forecast for 2023 to 1.46%
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Taiwan’s central bank expects the economy to grow this year at the slowest pace since the global financial crisis as trade struggles more than initially anticipated and China’s slowdown weighs on activity, muddying the outlook ahead of a critical presidential election.
The monetary authority on Thursday cut its forecast for gross domestic product growth this year to 1.46% from 1.72%. That would be the weakest rate of expansion since 2009, when the economy contracted 1.61% from the prior year.