TRI slashes its GDP forecast to 1.45%CONSERVATION: Declines in electricity consumption by commercial users confirmed the institute’s view, it said, adding that high-voltage use last month fell 3.94 percentBy Crystal Hsu / Staff reporterThe Taiwan Research Institute (TRI, 台灣綜合研究院) yesterday cut its forecast for GDP growth this year from 2.51 percent to 1.45 percent, as high inflation and monetary tightening around the world create an unfavorable environment for exports and private investment. The effects of monetary tightening by major central banks has grown more evident this year and would persist, in light of weak corporate sentiment around the world, TRI president Wu Tsai-yi (吳再益) told an economic forum in Taipei. Recent drops in electricity use by industrial and commercial users confirmed its downbeat view, TRI said. Consumption of high-voltage electricity last month fell 3.94 percent from a year earlier, declining for the eighth consecutive month, it said. Energy consumption by semiconductor firms has also slowed in the past few months after aggressive gains in previous years, it said.
