No indications of GDP growth falling below 1%, says NDC head
Minister of the National Development Council Duh Tyzz- jiun said Wednesday there are no forecasts so far that showed growth of Taiwan’s gross domestic product (GDP) will fall below 1 percent this year.
The comments implied that Taiwan’s GDP is expected to grow more than 1 percent in 2015, while many market analysts have feared that Taiwan will struggle to maintain a pace of 1 percent economic growth at a time when global demand has been on the decline, further impacting wan’s exports.
Duh said that while the NDC is not the government’s agency which is in charge of giving Taiwan’s GDP forecasts, the council will take all of the forecasts made by economic think tanks and other government agencies into account to map out the country’s economic development plans.
“So far, these institutions have forecast that Taiwan’s GDP will grow at a pace of 1.15 percent-2 percent this year. I am not aware of any assessment which is below
Tai- these said.
In mid-August, the Directorate General of Budget, Accounting and Statistics, which is the government agency responsible for giving the country’s official GDP forecast, cut its estimate for 2015 to 1.56 percent from 3.28 percent.
In late September, the YuantaPolaris Research Institute cut its forecast for Taiwan’s 2015 GDP to 1.15 percent from 3.32 percent, while Citigroup has left its forecast at 2.0 percent unchanged for Taiwan’s economic growth this year.
In terms of the drop of Taiwan’s place in the latest global competitiveness rankings report issued by the World Economic Forum (WEF), Duh said that the government will continue work on attracting Taiwanese students who study overseas to return to the country, a policy which is expected to expand the country’s talent poll and boost Taiwan’s competitive edge.
According to the WEF report, Taiwan’s competitiveness ranking fell to 15th from 14th recorded a year earlier.
The WEF assessed the competitiveness landscape of 140 economies, providing insight into the drivers of their productivity and prosperity based on three subindexes: “basic requirements,” “efficiency enhancers” and “innovation and sophistication factors.”
Duh said that the country is planning to build an export distribution network to help more Taiwanese exporters sell their products in the global market, and hopes that the efforts will help Taiwan climb in the global competitiveness rankings.