IMF raises Taiwan's GDP growth to 7.7 percent for 2010

Liu made the remarks after the IMF sharply raised its forecast for Taiwan's economic growth rate for this year in a report released yesterday. The IMF also said in the report that Asia has bottomed out of the 2008-2009 global financial crisis and that the region's average GDP growth for this year will hit 7.5 percent, up from its previous forecast of 7 percent.

Liu said both inbound investments from foreign enterprises or domestic investments by private sectors are poised to surge significantly after signing of the ECFA pact, and this may be major reason for the IMF to sharply boost its projection for Taiwan's GPD expansion for the year. In fact, she continued, quite a few international enterprises have recently expressed intense interest in coming to invest in Taiwan.

The government should step up its efforts to remove investment barriers, relax relevant regulations, and build good business environment to facilitate the entry of more international investment funds.

Also responding to the encouraging IMF forecast, Economics Minister Shih Yen-hsiang also said that he is upbeat about Taiwan's economic growth rate for this year, predicting that the figure would surely soar past 6 percent and might reach 7 percent or even 8 percent.

Shih said he is very optimistic about Taiwan's 2010 economic performance because the GDP growth rate for the first half of this year is likely to break the 10 percent mark.

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