Economics Minister John Deng has admitted that it will be difficult for Taiwan to keep its GDP growth above 1% this year.
During a legislative hearing on Thursday, Deng said that his ministry will work hard to overcome problems with maintaining Taiwan’s GDP growth.
As of August, Taiwan’s exports had declined for seven months in a row, while industrial production had dropped for the fourth consecutive month.
The government statistics office has already lowered its GDP growth forecast for this year to 1.56%. That’s down from the previous projection of 3.28% made in late May. It is widely believed that the office will further trim its forecast.
Deng said there has not been a large increase in the number of workers put on unpaid leave this year.
Meanwhile, National Development Council Minister Woody Duh says that while the third quarter is not looking good for Taiwan, the economy may improve in the fourth quarter.