The National Development Council (NDC), the country’s top economic planner, says Taiwan’s GDP growth will start to improve in the fourth quarter.
Head of the NDC Woody Duh made the comments on Saturday. That’s after the government statistics office revised Taiwan’s economic growth forecast figure from 3.28% to 1.56%. The considerable downward adjustment can partially be attributed to the low GDP growth in the second quarter at 0.64%, far below the previously projected 3.05%.
Duh said a decline in exports is the main reason why the Taiwanese economy is struggling. He also said lower-than-expected recovery in Europe and the United States in the first half of this year and a slowing Chinese economy are dragging down Taiwanese exports. Duh said to revive exports, Taiwan needs to adjust its product offerings and to diversify its export markets.
Duh said he expects Taiwan’s GDP growth to gradually improve starting in the fourth quarter. But he said Taiwan will have to wait until the first or the second quarter of next year to see better economic performance.