Taiwan’s economy has little chance of reaching the 2% annual growth target if the COVID-19 pandemic is not contained by the end of June. That’s according to Yang Chin-long, governor of Taiwan’s Central Bank.
On Thursday, Yang briefed the Legislature on the effect of COVID-19 on Taiwan’s economy. He said the pandemic’s impact is likely to last through the first half of the year.
Lawmakers asked Yang whether Taiwan’s Central Bank will slash interest rates. This is a strategy adopted by many banks around the world to help slow the economic slump brought on by the pandemic’s spread. Yang said that he will discuss the matter with the bank’s committee and that their decision will depend heavily on the economic outlook for the near future.