Taiwan Cuts 2023 Growth Outlook to Lowest Since Financial Crisis
- Economy set to be a key issue in Jan. 13 presidential election
- Consumer prices seen rising 2.46% in 2023, 1.64% in 2024
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Taiwan cut its growth forecast for this year to the slowest pace since the global financial crisis in a setback to the ruling Democratic Progressive Party ahead of January elections.
The economy will likely expand 1.42% in 2023, the statistics bureau said in a statement Tuesday. That would be the weakest annual growth since 2009, and compared with an August projection of 1.6%. Gross domestic product is set to grow 3.35% in 2024, up slightly from an earlier forecast of 3.32%.