Taiwan's growth outlook cut
Source: Agencies |
August 18, 2012, Saturday
|
Print Edition
Print Edition
TAIWAN lowered its 2012 economic growth forecast to 1.6 percent yesterday as foreign demand for the island's electronics exports weakens.
The new forecast would be Taiwan's weakest growth since the global financial crisis caused a global recession in 2009.
The island's economy grew 0.4 percent in the first quarter of this year and fell 0.2 percent in the second quarter, the first quarterly contraction since 2009.
Officials blame the deteriorating outlook on Europe's debt crisis and slowing growth on the Chinese mainland, the island's largest export market.
Exports drive the island's economic growth but they fell 5.8 percent to US$171.6 billion in the first seven months of 2012.
Taiwan's economy contracted 1.8 percent in 2009.
The new forecast would be Taiwan's weakest growth since the global financial crisis caused a global recession in 2009.
The island's economy grew 0.4 percent in the first quarter of this year and fell 0.2 percent in the second quarter, the first quarterly contraction since 2009.
Officials blame the deteriorating outlook on Europe's debt crisis and slowing growth on the Chinese mainland, the island's largest export market.
Exports drive the island's economic growth but they fell 5.8 percent to US$171.6 billion in the first seven months of 2012.
Taiwan's economy contracted 1.8 percent in 2009.
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