Breaking News, World News and Taiwan News.

Taiwan's '14 GDP growth forecast at 2.7 percent by ADB

MANILA -- Asia Development Bank (ADB) projected Tuesday that Taiwan's gross domestic product (GDP) will grow 2.7 percent in 2014, beating last year's 2.1 percent growth, on the back of recovering exports.

The ADB forecast, however, was below Taiwan's Directorate General of Budget, Accounting and Statistics estimate of 2.82 percent growth, which was a revision of its earlier prediction of a 2.59 percent increase.

In 2015, Taiwan's GDP will improve further, growing 3.2 percent, the ADB said.

“As the global economic recovery gains momentum in 2014, external demand is expected to solidify,” the ADB said in the forecast. “Exports are likely to be the key driver of economic growth in the next two years.”

However, “the slowdown in the PRC would present significant downside risks for Taiwan's economy,” the ADB said. It said China's economic growth is expected to slow to 7.4 percent and 7.5 percent in 2014 and in 2015, respectively, from 7.7 percent in 2013. China is the largest buyer of Taiwan's goods.

Taiwan's inflation is expected to remain low but will trend slightly higher to between 1.1 percent and 1.3 percent in the 2014-2015 period, compared with 0.8 percent in 2013, the bank said.

Production costs in Taiwan are expected to rise with higher wages and stronger demand for inputs, while higher electricity rates and transportation fares could boost inflation, the ADB forecast.

It projected that Singapore's GDP will grow 3.9 percent in 2014 and 4.1 percent in 2015, while South Korea's will grow 3.7 percent and 3.8 percent, respectively. Hong Kong's GDP is expected to rise 3.5 percent in 2014 and 3.6 percent, in 2015, it said.

The economy in developing Asia is likely to grow 6.2 percent in 2014 and 6.4 percent in 2015, the ADB projected.

Write a Comment
CAPTCHA Code Image
Type in image code
Change the code
 Receive China Post promos
 Respond to this email
 EasyCard celebrates four years of convenience, unveils Doraemon card 
Akiko Hagiwara, senior economist at the Asia Development Bank (ADB), speaks at the press conference for the ADB's forecast for Asia economic development in 2014. The ADB pointed out in the forecast that “the slowdown in the PRC would present significant downside risks for Taiwan's economy.” (CNA)

Enlarge Photo
Subscribe  |   Advertise  |   RSS Feed  |   About Us  |   Career  |   Contact Us
Sitemap  |   Top Stories  |   Taiwan  |   China  |   Business  |   Asia  |   World  |   Sports  |   Life  |   Arts & Leisure  |   Health  |   Editorial  |   Commentary
Travel  |   Movies  |   TV Listings  |   Classifieds  |   Bookstore  |   Getting Around  |   Weather  |   Guide Post  |   Student Post  |   English Courses  |   Terms of Use  |   Sitemap
  chinapost search