Focus Taiwan
Date: 06/18/2020
By: Chen Yan-chun and Frances Huang

Manila, June 18 (CNA) Following the Asian Development Bank (ADB) cutting its forecast for gross domestic product (GDP) growth in the region for 2020, the bank said Thursday it has lowered its forecast for GDP growth in Taiwan from an earlier estimate of 1.8 percent to 0.8 percent.

The downgrade represented a more downbeat assessment of Taiwan's economic situation in the wake of the COVID-19 pandemic than that of Taiwan's government, which forecast in late May economic growth of 1.67 percent in 2020.

According to the ADB's forecast, Taiwan is expected to perform better than neighboring countries and territories in 2020.

For example, it estimated that Hong Kong's economy will contract by 6.5 percent, a deterioration from an earlier forecast of minus 3.3 percent, Singapore's economy could fall by 6 percent, a downgrade from 0.2 percent growth, and South Korea's is also expected to shrink by 1 percent, a cut from 1.3 percent growth.    [FULL  STORY]