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Research institute ready to adjust GDP forecast for '14

TAIPEI, Taiwan -- The Chung-Hua Institution for Economic Research (CIER, 中經院) is expected to make an adjustment to its 2014 GDP growth forecast of 3.03 percent, on April 15, according to local news sources.

Given a better economic performance around the globe, analysts believe that the CIER will make an upward adjustment to its GDP forecast.

Last week the CIER released Taiwan's Purchasing Manager Index (PMI) of March, which went up 10.3 points from the previous month to register at 60.6. It is partly due to the fact that domestic firms received stable orders in March, said CIER President Wu Chung-shu (吳中書), who termed Taiwan's economy as currently experiencing “a slow expansion.”

Less than two weeks ago, Yuanta-Polaris Research Institute (元大寶華綜合經濟研究院) raised 0.16 percentage point on its economic growth forecast, in the wake of warming global economy and higher-than-expected domestic demand.

The Taiwan Institute of Economic Research (台經院, TIER) is also expected to make an adjustment to its 2014 GDP growth forecast, by the end of April. The institute forecast a 3.17-percent growth at the end of January. The institute said that the U.S. and Europe are leading the economic recovery in the globe. While the economy is relatively slow in Asia, the TIER holds an optimistic outlook.

The government's latest forecast, made by the Cabinet's Directorate-General of Budget, Accounting and Statistics (主計處), is pegged at 2.82-percent.

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