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GDP to grow 3.67% in '13 : institute chief

Taiwan's economic growth is expected to be 1.5 percent to 1.6 percent this year and 3.67 percent next, said Cheng Chen-mao, the new president of Taiwan Academy of Banking and Finance, yesterday.

Cheng made the remarks during the institute's leadership changeover ceremony yesterday.

At the event, he said a recent move by Moody's to maintain Taiwan's sovereign credit rating was indication the island's economy was in good shape.

He said Taiwan's economy will experience higher growth next year compared to this year due to internal and external growth factors, which will add to a cross-strait commodity free trade agreement to boost the island's gross domestic product.

According to him, the agreement, to be signed next year, will produce a stronger positive impact than the Economic Cooperation Framework Agreement (ECFA) and would give Taiwan's trade a major boost, in the midst of free trade agreements signed by the United States and the European Union with South Korea, Taiwan's major competitor.

He said that stock markets across the globe have been hit by poor third quarter results announced by U.S. enterprises. Yet investors' confidence will return on new products launched by tech firms as well as stronger demand in the lead-up to the Christmas shopping season.

“The global economy is at the bottom right now and may begin to bottom out on various external factors,” he said. “In the U.S., a reduction in unemployment and a rise in consumption may be seen. In China, the new leadership will be solidified, bringing new hopes to the country. The European debt crisis meanwhile will continue to ease.”

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