Taiwan to grow 1.64% this year: S&P

RISKS: Vaccine rollout has bolstered growth prospects, but downside risks, such as increasing global debt and slow demand, could affect a post-pandemic recovery

Taipei Times
Date: Dec 11, 2020
By: Crystal Hsu / Staff reporter

The logos of S&P Global and Taiwan Ratings are pictured at its office in Taipei on Sept. 4 last year.
Photo: Clare Cheng, Taipei Times

S&P Global Ratings has raised Taiwan’s GDP growth forecast from 1 percent to 1.64 percent for this year, while trimming the pace from 3 percent to 2.9 percent for next year, amid the benefits of a stay-at-home economy and optimism that COVID-19 vaccines would reduce downside risks.

The rollout of vaccination programs against the COVID-19 outbreak would support a stable outlook for Taiwan’s economy this year and next year, despite global demand being ravaged by the pandemic, corporate credit analyst Raymond Hsu (許智清) at Taiwan Ratings Corp (中華信評), the local arm of S&P, told a news conference in Taipei yesterday.

“Growth risk is now neutral as multiple vaccine successes increase recovery upside,” Hsu said.

Taiwan has emerged from the pandemic unscathed, thanks to its effective handling of the outbreak, and an unexpected boom in demand for remote working and schooling devices, Hsu said.    [FULL  STORY]

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