Taiwan’s think tank, Yuanta-Polaris lowered its GDP growth forecast for Taiwan to 3.32%. That’s down from a previous estimate of 3.66% growth made in March.
Major international organizations have weakened global outlooks for 2015. Taiwan reported declines in exports and imports, as well as lowered job and economic outlooks for April and May.
Yuanta-Polaris President Liang Kuo-yuan said Taiwan is expected to have a GDP growth of above 3 percent. However, the figures for certain sectors are not looking healthy.
“If we are looking at a healthy economic growth, there should be a driving force to move the economy upwards," said Liang.
"But the three most important sectors – domestic consumption, investment, and exports – do not have this driving force to strengthen economic growth. This is what I meant by “off-focus kind of growth."
Meanwhile, the government statistics office downgraded its forecast for Taiwan’s economic growth to 3.28%, while Taiwan Institute of Economic Research estimates 3.70%.