Tai­wan cuts 2016 eco­nomic growth out­look

The Pak Banker - - MARKETS/SPORTS -

HANOI: Tai­wan cut its eco­nomic growth fore­cast for 2016 as China's slow­down weighs on ex­port de­mand. The econ­omy will ex­pand 1.47 per­cent this year, down from an ear­lier pro­jec­tion of 2.32 per­cent, the govern­ment said to­day. Gross do­mes­tic prod­uct con­tracted 0.52 per­cent in the fourth quar­ter from a year ear­lier, steeper than the orig­i­nally re­ported 0.28 per­cent de­cline. Tai­wan's ex­port-led econ­omy has been buf­feted by a slow­down on the main­land, and as China be­comes an in­creas­ingly so­phis­ti­cated com­peti­tor in high-tech man­u­fac­tur­ing. It now falls to pres­i­dent elect Tsai Ing-Wen to find ways of re­viv­ing the slug­gish growth pace. The fore­cast for ex­ports was low­ered to mi­nus 2.78 per­cent for 2016, from 1.97 per­cent growth seen pre­vi­ously.

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