EXPORT WOES:The agency said the banking sector will be hurt by Taiwan’s economic weakness and China’s economic slowdown, causing profits to drop this year and next

Taipei Times
Date: Sep 10, 2016
By: Staff writer, with CNA

Fitch Ratings Ltd has lowered its forecast of the nation’s GDP growth for this year, citing disappointing export performance.

In its Taiwan Banks Report Card released on Thursday, Fitch said that the economy is short of a boost from its outbound sales and after taking the adversity caused by weak global demand into account, it was reducing its forecast from its previous estimate of 1.5 percent to 1 percent.

The forecast showed that the agency is more cautious about the economy than the government.

The Directorate-General of Budget, Accounting and Statistics last month raised its economic growth forecast for this year to 1.22 percent, up 0.16 percentage points from its previous estimate, due to improving exports and private consumption.     [FULL  STORY]