Taiwan’s economy will likely come out of its slump in the third quarter thanks to changing factors in the international economy. That’s the word from Kao Shien-quey, Deputy Minister of the National Development Council on Wednesday.
The International Monetary Fund (IMF) recently lowered its projection for Taiwan’s annual economic growth to 1.5%. But Kao says that major changes in international economy will likely help pull Taiwan’s economy out of a 14-month slump.
According to Kao, Mainland China’s manufacturing industry has shown signs of recovery, and international fuel prices have taken an upward swing since February. Both factors will provide a major boost to Taiwan’s economy. Kao said the US Federal Reserve System will also be careful about raising interest rates, minimizing fluctuation in the international finance market.
Kao said that many surveys on Taiwan’s economic outlook have shown that people are optimistic that the economy will recover in the second half of 2016.