A local government think tank has raised its prediction for Taiwan’s 2015 GDP growth. The think tank -- Taiwan Institute of Economic Research (TIER) – announced its new forecast of 3.67%, on Monday.
TIER said the upward revision was due to falling oil prices, an improving global economy, and a better outlook on domestic consumption.
Despite an improving global economy led by a strong recovery in the United States, TIER warned that there are still uncertainties in Taiwan's trade and export outlook for 2015, due to weak demand in Europe and China.