NASDAQ.com
August 16, 2019,
By: Yimou Lee and Jeanny Kao, Reuters

TAIPEI, Aug 16 (Reuters) – Taiwan raised its 2019 economic growth forecast on Friday, with prospects lifted by more factories moving production to the island from China despite worries about slowing technology demand and the Sino-U.S. trade war.

The statistics agency raised its full-year outlook to 2.46% from 2.19% forecast in May.

Taiwan's government projected full-year growth of 2.58% next year, in its first forecast for 2020.

The agency said returning production coming to Taiwan from China helped reduce some impact from the escalating trade war, lifting the island's economic growth.

"Returning production from Taiwan manufacturers has a growing positive impact to exports," it said, adding that demand for new technologies including 5G and artificial intelligence would also underpin growth.    [FULL  STORY]