By: Yang Shu-min and Evelyn Kao
Taipei, Jan. 25 (CNA) The Taiwan Institute of Economic Research (TIER, 台經院), one of the country’s leading think tanks, has raised its forecast for the country’s real gross domestic product (GDP) growth to 1.78 percent for 2017, up by 0.13 percentage points from an earlier estimate made in November 2016.
TIER President Lin Chien-fu (林建甫) said Wednesday while releasing the institute’s updated forecast report that the increase is due to an improving global economy, rising oil and raw material prices, and foreign trade growth.
He said that according to forecasts recently released by several international institutions, including the International Monetary Fund, World Bank and Global Insight Inc., the global economic and trade performance in 2017 could be stronger than in 2016.
Given the brighter global economic outlook, higher oil and raw material prices, and a relative low base of comparison in 2016, the value of Taiwan’s imports and exports is expected to grow in 2017, Lin said.