News dalla rete ITA

15 Settembre 2020

Taiwan

FITCH REVISES UPWARD FORECAST TO 1% ANNUAL GROWTH

Fitch Ratings yesterday revised upward its forecast for Taiwan’s economy, saying it might grow 1 percent this year, from an expected 0.2 percent contraction, due to fast recoveries of private consumption and exports.The agency expects Taiwan’s economy to expand 2.8 percent next year, as the COVID-19 pandemic is expected to ease in many countries worldwide.The revision reflects the view that private consumption and merchandise exports will improve faster than the previous baseline, Fitch said.Taiwan’s exports expanded in the past two months, propelled by strong demand for 5G wireless equipment, remote working and learning, as well as frontloading by China’s Huawei Technologies Co (華為) ahead of a sales ban in the US starting next week, the Ministry of Finance said.Consumer activity also gained momentum after COVID-19 was brought under control in the nation in May, allowing business in retail shops, restaurants, hotels and recreational facilities to pick up significantly, government data show.However, the agency’s growth forecast is lower than the 1.52 percent increase projected by the Directorate-General of Budget, Accounting and Statics (DGSAS).Taiwan’s economy is set for stronger showings in the second half, the high season for exports and consumer activity, the DGSAS said. (ICE TAIPEI)


Fonte notizia: Taipei Times