Taiwan’s economy is expected to grow by 3.05% in 2014. That’s the word from a local think tank, the Chung-Hua Institution for Economic Research (CIER) on Tuesday.
CIER President Wu Chung-shu said that this upward revision is due to better fundamentals on the global market.
“The global economic rebound has been stronger than we expected," said Wu. "So our export performance might also see improvement. That’s why we raised our forecast by 0.02 percentage point to 3.05%.”
But Wu said Taiwan’s economic performance might still be impacted by some global factors. These include the oil price fluctuation caused by political unrest in Ukraine, economic restructuring in China, the tapering of Quantitative Easing in the U.S., and a consumption tax hike in Japan.
But the think tank said if the global rebound continues, Taiwan’s economy is expected to grow by 3.16% in 2015.