The Asian Development Bank (ADB) revised Taiwan's GDP growth upward in a report released Tuesday, mainly due to strong performance in the third quarter and the administration of President Tsai Ing-wen (???) beginning to carry out projects that had been put on hold prior to the presidential election earlier this year.
The ADB, in its Asian Development Outlook 2016 Supplement, forecast that Taiwan's GDP growth will be 1.2 percent this year, rising to 1.6 percent next year.
In a report released in September, the ADB forecast that Taiwan's economy would grow 0.9 percent this year and 1.5 percent in 2017.
The ADB said that the country's economy has continued to show resilience toward the end of the year. Preliminary third-quarter GDP data show the economy accelerating to 2.1 percent growth year-on-year as robust domestic demand has been bolstered by strong growth in both private and government consumption, as well as in investment.
Exports of goods and services also gained strength, supported by higher demand from China for semiconductors. These encouraging signs have prompted an upgrade to Taiwan's growth forecast for 2016 from 0.9 percent to 1.2 percent.
The growth forecast for 2017 is likewise upgraded, from 1.5 percent to 1.6 percent, as confidence has improved since Tsai's government assumed office on May 20, the Manila-based ADB said.
The report also forecast that Taiwan's inflation will be 1.3 percent this year, and will climb to 1.5 percent next year
Source: Focus Taiwan News Channel