By: Emerson Lim and S.C. Chang
Manila, March 30 (CNA) Taiwan’s economy is forecast to grow 1.6 percent and 1.8 percent this year and next, respectively, thanks to increased government expenditure and robust private consumption, the Asian Development Bank said in a report released Wednesday.
Taiwan’s gross national product grew only 0.7 percent in 2015, a sharp decline from 3.9 percent in 2014, due to declining government spending and weak exports, said the ADB.
Its 2016 GDP forecast for Taiwan is ahead of Mongolia, which will register a growth of only 0.1 percent, and behind China’s 6.5 percent, South Korea’s 2.6 percent and Hong Kong’s 2.1 percent.
In its report titled “Asian Development Outlook 2016,” the ADB said Taiwan’s government spending is expected to account for 2.1 percent of GDP in 2016. [FULL STORY]