No in­di­ca­tions of GDP growth fall­ing be­low 1%, says NDC head

The China Post - - LOCAL -

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.

ex­ist­ing

pre­dic­tions,” Duh

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.

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