World Economy

Taiwan GDP Growth Cut

Taiwan GDP Growth CutTaiwan GDP Growth Cut

The Taiwan Research Institute has adjusted its forecast for Taiwan’s gross domestic product growth for 2016 down by 1.14 percentage points, from 2.06% to 0.92%, CNA reported. The institute, a privately funded non-profit organization devoted to the planning of Taiwan’s overall strategic development and in-depth study and analysis of Taiwan’s public policy, announced the adjustment Friday. TRI President Wu Tsai-yi said exports are the major driver of Taiwan’s economic growth. Due to a slow recovery of the global economy, however, the major markets for exports from Taiwan have suffered from recession, which has affected the willingness of domestic businesses to invest, he said.