Taipei, Academia Sinica's Institute of Economics announced Wednesday a cut to its forecast for Taiwan's economic growth rate in 2018, reducing it to 2.64 percent.
That represents a drop of 0.01 percentage points from the last forecast in July, caused by a deterioration in Taiwan's economy in the second half of the year.
Kamhon Kan (???), director of the institute, said that in recent months the domestic economy has experienced a downturn.
As a result, economic growth has fallen from above 3 percent in the first two quarters of the year to above 2 percent in Q3, and is forecast to dip under 2 percent in Q4, he noted.
Kan attributed the loss of economic momentum to a sliding global economy, slowing Chinese economy, sluggish sales of new Apple phones and the trade war between the United States and China.
Despite a purported "ceasefire" in the U.S.-China trade dispute, Kan believes that remaining uncertainties will continue to undermine the willingness of companies to invest or place orders.
The economic outlook for 2019 remains grim due to slowing economic growth across the world. Taiwan's economic growth rate for that year is forecast at 2.45 percent, the institute said.
Source: Focus Taiwan News Channel