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3-percent GDP growth in 2014, says think tank head

TAIPEI -- Taiwan's GDP could grow by more than 3 percent in 2014 despite continued global economic uncertainties, the head of a local think tank said during a Thursday conference on Taiwan's economic outlook.

Wu Chung-shu, chairman of the Chung-Hua Institution for Economic Research (CIER), said “we can expect” growth to pass three percent given gradual worldwide recovery.

The figure is much more positive than CIER's Dec. 12 forecast that this year's growth will come out to just 1.72 percent.

Wu cited the purchasing managers' index (PMI) for the global sector as a reason to be optimistic, noting that the PMI has risen to above 50. A figure above 50 indicates expansion in manufacturing activity, while a number below 50 shows contraction.

Leading indexes of the Organization for Economic Cooperation and Development (OECD) member states have also gradually recovered, while U.S. growth momentum is expected to speed up next year, and China's economic growth is set to remain at 7.5-8 percent, he pointed out.

Speaking at a separate event a day earlier, Chang Deng-her, chairman of the Taiwan Importers & Exporters Chamber of Commerce, said that he expects economic growth to hit 3.54 percent next year based on general positivity over global economic recovery.

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