Economic performance in the second quarter does not look promising. That’s according to Taiwan’s Economic Minister Wang Mei-Hua (王美花) on Monday.
Wang says the performance during the first quarter was hindered by the ongoing Russia-Ukraine war, high inflation, and rising global interest rates. She says these factors create a cycle that suppresses global demand and, in turn, impacts Taiwan’s exports.
Wang says she does not see any signals indicating a rebound in the second quarter. She continues that even though China loosened its pandemic restrictions, the local economy has not recovered as expected, which affects the global economy.
She says the ministry will be in close communication with important industries that are tied to Taiwan’s exports. She adds the ministry will also use its post-pandemic special budget to assist small to medium-sized businesses.