Taiwan cuts 2016 economic growth outlook
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.