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Taiwanese economy forecast to outperform last two years

TAIPEI--Taiwan's gross domestic product (GDP) growth in 2014 looks ready to outperform the previous two years on the back of a stable global recovery, according to forecasts from local think tanks.

The Taiwan Institute of Economic Research (TIER) late last month raised its forecast for Taiwan's 2014 GDP growth to 3.17 percent, an increase of 0.06 percentage points from the 3.11 percent it had forecast last November.

The optimism came from improving figures in domestic capital expenditure and consumption as well as the stable economic recovery in major developed economies such as the United States, Europe and Japan, said Gordon Sun, director of TIER's macroeconomic forecasting center.

TIER's GDP growth forecast was the highest among local think tanks. The Chung-Hua Institution for Economic Research (CIER) predicted growth of 3.03 percent, followed by a 2.89-percent prediction by the Institute of Economics at research center Academia Sinica and 2.72-percent according to the Yuanta-Polaris Research Institute.

Worldwide, CIER estimated growth for the eurozone at 0.5 percent to 0.7 percent and for China at 7.5 percent, signaling better things for Taiwan's exports than last year.

Taiwan's government has remained relatively pessimistic about the local economic outlook, predicting GDP growth of just 2.59 percent. The number will likely be revised upward, however, in a forecast update set for late February.

Though low, the number is higher than estimates for 2013 GDP growth. The government estimated last month that the economy grew 2.19 percent in 2013.

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