Taipei--The Directorate General of Budget, Accounting and Statistics (DGBAS) on Wednesday upgraded its forecast for Taiwan's 2017 gross domestic product (GDP) growth to 1.92 percent, citing recovering exports and government stimulus measures.
Last November, the DGBAS had projected Taiwan's 2017 economic growth at 1.87 percent but has now raised its forecast 0.05 percentage points to 1.92 percent, based on a stronger than expected outlook for the country's exports and anticipated higher domestic demand as a result of the government measures.
However, its forecast of 1.92 percent annual growth remains below the National Development Council's (NDC) target of 2-2.5 percent.
Commenting on the DGBAS revised forecast, NDC chief Chen Tain-jy (???) said Wednesday that it was too conservative.
Chen said he was optimistic that the country's 2017 economic growth would surpass 2.5 percent if private investment continued to expand.
Furthermore, he said, an increase in manufacturing sector jobs and higher salaries for blue-collar workers would help boost the country's GDP growth rate.
The DGBAS on Wednesday also raised its 2017 growth forecast for Taiwan's exports and imports to 4.01 percent and 4.07 percent, respectively. It said, however, that private consumption is expected to grow only 1.75 percent this year and the CPI by 1.08 percent.
Meanwhile, the DGBAS has lowered its forecast for private investment this year by 0.15 percentage points to 1.85 percent due to a relatively high comparison base last year, DGBAS chief Chu Tzer-ming (???) said.
The DGBAS on Wednesday also upgraded its estimate of Taiwan's 2016 GDP growth to 1.5 percent, from the 1.40 percent growth estimated in January.
Source: Focus Taiwan News Channel