Local economics think tank the Taiwan Institute of Economic Research has revised its projection for Taiwan’s economic growth to reflect a more optimistic outlook.
In its latest figures, released on Monday, the institute predicted economic growth of 2.4% for 2019, a considerable increase from its previous prediction of 2.12% growth made earlier in the year.
Institute Director Chang Chien-yi outlined a number of factors that have contribute to a more optimistic view. These include the number of Taiwanese businesspeople bringing operations back from China, as well as government policies that have stimulated domestic consumption.
Chang said that the ongoing US-China trade war could still affect Taiwan’s economy next year. Chang also said ongoing projects such as the government’s infrastructure plan and the construction of 5G internet infrastructure will play a key role in the future of domestic consumption.