A Cabinet level minister has said that Taiwan’s economic outlook is gloomy. The official – National Development Council (NDC) Minister Woody Duh – was speaking on Monday at the legislature.
The NDC is set to release on Tuesday its economic outlook indicator for September. Duh told lawmakers that the indicator is not very good because of Taiwan’s lackluster economic performance in the third quarter of this year.
Duh said the Chinese central bank’s unexpected announcement last Friday that it was cutting interest rates and the bank reserve requirement ratio might help boost Taiwan’s exports. However, he said China’s measures to prop up its economy could boost its competitiveness and supply chains, and that could have a negative impact on Taiwan’s industries.
Meanwhile, Finance Minister Chang Sheng-ford said that if China’s quantitative easing monetary policy is able to revitalize its economy, it will help Taiwan’s stock market and exports.