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USD/TWD Taiwan Lowers 2012 and 2013 Growth Forecasts

Taiwan’s statistical authorities on Wednesday lowered their forecasts for the island’s 2012 and 2013 economic growth rate amid uncertainties in the global economy, especially the ongoing sovereign debt crisis in Europe.

The island’s predicted GDP growth rate for 2012 was changed to 1.05 percent, 0.61 percentage points down from the figure predicted in August, local statistical authorities said in a report.

In 2013, the economy will grow at a rate of 3.09 percent, 0.58 percentage points lower than the previous estimate, the report said.

Although the U.S. economy and emerging economies have recently grown more steadily, Taiwan still faces many uncertainties, including the European sovereign debt crisis and a possible “fiscal cliff” in the United States, according to the report.

The global economy is unlikely to rebound strongly in the short-term, as there are heightened uncertainties about how different economies will tackle their problems and a pessimistic economic outlook held by businesses and consumers, it added.

Taiwan’s economy grew by 1.02 percent in the third quarter of the year, 0.97 percentage points lower than the August forecast.

The island’s per capita GDP is expected to hit 20,361 U.S. dollars in 2012 and 21,006 U.S. dollars in 2013.

via Xinhua [1]

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Alfonso Esparza

Alfonso Esparza [6]

Senior Currency Analyst at Market Pulse [7]
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza
Alfonso Esparza

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