NEGATIVE WEALTH:Forecasters are painting a dark picture for Taiwan’s export-based economy this year as consumer spending needed to buoy GDP is expected to slump
Taipei Times
Date: Jan 26, 2016
By: Crystal Hsu / Staff reporter
The Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday cut its forecast for GDP growth this year from 1.84 percent to 1.53 percent, saying the nation’s export-reliant economy has yet to hit rock bottom, as indicated by disappointing bellwethers.
It is the first downward revision by domestic research institutes this year and others could follow to reflect escalating downside risks.
“External demand might not recover much due to a lack of breakthrough electronic innovations on the horizon. Ongoing wide financial swings could foster conservative spending by consumers,” TIER economic forecasting center director Gordon Sun (孫明德) told a media briefing. [FULL STORY]
