Economics Minister John Deng says that Taiwan’s domestic consumption and investment have not declined despite an overall economic downturn.
Deng was speaking Wednesday at a conference on changes in the petrochemical market. Deng’s remark comes shortly after the government statistics office downgraded its forecast for Taiwan’s annual GDP growth to 1.56%.
Deng said that despite falling exports, Taiwan’s electronics industry remains competitive. He said that exports have taken a hit from a decrease in global demand, something he said was difficult for Taiwanese firms to avoid. However, he also said that he remains optimistic about Taiwan’s economic performance during the second half of the year.