Taipei, The Chung-Hua Institute for Economic Research (CIER) increased its forecast for gross domestic product growth in Taiwan for 2018 to 2.47 percent on Wednesday, a rise of 0.2 percentage points from its estimate in December.
CIER President Wu Chung-Shu (???) attributed the increase to an improving domestic economy in the wake of better-than-expected global economic performance.
Although CIER forecasts Taiwan's economy will expand by 3.08 percent in the first quarter, Wu said, the growth rate will fall from the second quarter to the fourth quarter, with forecasts of 2.59 percent, 2.18 percent and 2.08 percent, respectively.
CIER also forecast that Taiwan's economy will grow by 2.28 percent in 2019 -- 0.19 percentage points less than this year, which Wu said is mainly the result of a less vibrant world economy.
Turning to the possibility of a trade war between the United States and China that has triggered grave concern worldwide, Wu said China will not be the only target of protectionist trade policies adopted by U.S. President Donald Trump.
The U.S. could take action against any country with which it has a large trade deficit, he said.
Source: Focus Taiwan News Channel