IMF raises Taiwan’s GDP growth forecast for 2020

Focus Taiwan
Date: 10/13/2020
By: Pan Tzu-yu and Frances Huang

CNA file photo

Taipei, Oct. 13 (CNA) The International Monetary Fund (IMF) on Tuesday raised its forecast for Taiwan's gross domestic product (GDP) for 2020, as the country is doing better than most other countries at fighting the COVID-19 pandemic.

According to the IMF, Taiwan's GDP growth for 2020 is expected to stand at zero, a significant upgrade from a 4 percent contraction forecast by the organization in April.

The IMF said that with the global economy gradually moving away from the impact resulting from COVID-19, Taiwan's economy is expected to recover in 2021 and grow 3.2 percent, compared with an earlier estimate of a 3.5 percent increase.

However, Kung Ming-hsin (龔明鑫), minister of the National Development Council (NDC), said Taiwan's economic strength has been undervalued by the IMF despite the upgrade.

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