Taiwan’s GDP growth forecast for the year has been increased to 3.1%. That’s the word from the Taiwan Research Institute. At the end of last year, its forecast for 2014 was 2.81%.
The institute said that it senses an economic recovery this year as the global economic climate is improving. The head of the institute Wu Tasi-yi explained.
"The economy for the second half of 2014 will definitely be better than the first half. This year, the first quarter did better compared to last year. So after looking at many economic factors, this year will be able to see a 3 to 3.1% growth. This is a conservative estimate of this year’s economic growth," said Wu.
The institute said that Europe and the US are leading a global economic recovery. The domestic and overseas demand for Taiwan is also looking better than last year. But it also noted that political and economic crises like the Ukraine conflict, South China Sea, Japan’s consumption tax and others may have an impact on the global economy.
The institute predicted growth in this year’s Consumer Price Index at 1.46%.