Home ›› 27 May 2023 ›› Asia Biz
Taiwan on Friday lowered its economic growth forecast for the year to 2.04%, the slowest pace in nearly eight years, after the island slipped into a recession in the first quarter.
The latest annual growth estimate -- down from an earlier 2.12% projection -- comes as the trade-dependent economy struggles with slowing demand for its tech exports, reports Nikkei Asia.
A preliminary 3.02% decline in first-quarter gross domestic product was revised up to 2.87%, but Friday's data still confirmed that the economy slipped into recession, according to the Directorate General of Budget, Accounting and Statistics.
The agency has warned that even as Taiwan has reopened for international travel and business after the pandemic, the economy is still being weighed down by weak export demand amid global inflation and interest rate pressures.
