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September 26, 2017

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Good and bad news for Taiwan in IMF outlook report

Taiwan will see 1.7 percent year-on-year economic growth in 2017, according to the International Monetary Fund's (IMF) latest World Economic Outlook.

The prediction is 0.3 percentage points more than last year's rate, and the favorable forecasts kept coming, with the IMF expecting growth next year of 1.8 percent.

However, the report also indicated put Taiwan's growth as the slowest among the Four Asian Tigers.

The report predicted that South Korea would enjoy the strongest expansion of these four economies, at 2.7 percent this year and 2.8 percent next year, followed by Hong Kong (2.4 and 2.5 percent), Singapore (2.2 and 2.6 percent) and Taiwan.

If true, Taiwan would be the only one of the four tigers to record growth of less than 2 percent.

The IMF also raised the rate of global economic growth by 0.1 percentage points to 3.5 percent.

The increase was the result of the vigorous growth of manufacturing and trade in Europe, Japan and China, the IMF said.

The fund also warned that increasing U.S. protectionism under President Donald Trump would hinder the global economic recovery.

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