By: Tsai Yi-chu and Frances Huang
Taipei, Oct. 24 (CNA) The Singapore-based DBS Bank has forecast that Taiwan will report an economic contraction for the third quarter due to worse-than-expected export performance amid slowing global demand.
DBS said that Taiwan’s gross domestic product (GDP) for the July-September period is likely to have contracted by 0.3 percent from a year earlier, lagging behind the bank’s earlier forecast of a 0.6 percent increase.
The Singapore banking group said that the weaker-than-expected third quarter economy in Taiwan largely reflected falling exports, while a drop in local industrial production also dealt another blow to the local economy. [FULL STORY]