TAIPEI (Taiwan News) — The Taiwan Institute of Economic Research (TIER) on Tuesday (July 25) became the second major think tank to predict that the country’s gross domestic product (GDP) will fail to reach 2% this year.Last week, the Chung-Hua Institution for Economic Research (CIER) cut its forecast to 1.60% from the 2.01% it had mentioned in April. The TIER followed suit and downgraded its prediction from 2.31% to 1.66% on Tuesday, the Liberty Times reported.The think tank named Taiwan’s disappointing export performance during the first half of 2023 and weak investment as reasons for the downward revision.Nevertheless, the TIER still concurred with other observers that GDP had reached its lowest at the beginning of the year and would improve toward the end of the year. Elements of uncertainty include inflation, technology disputes between the United States and China, climate change, and the speed at which inventories can be sold.The TIER also revised its inflation forecast for the year down to 2.15% from 2.20%. Prices for fruit and vegetables as well as for energy products showed a falling trend, the think tank said.By Matthew Strong, Taiwan News, Staff Writer2023/07/25 13:50 (ICE TAIPEI)

Fonte notizia: Organi di Stampa - Taiwan News