Asian Development Bank raises its growth forecastStaff writer, with CNAThe Asian Development Bank (ADB) on Wednesday raised its forecast for Taiwan’s GDP growth this year to 6.2 percent, saying that the country’s economic momentum is expected to continue into the second half of the year. In its latest Asian Development Outlook report, the ADB said the new forecast was an upgrade from its estimate in April of 4.6 percent growth, but it maintained its projected 3 percent growth for next year. In addition, capital formation expanded by 8.9 percent in the first six months, with massive investments in machinery, transportation equipment, 5G network development and infrastructure for green energy, among other areas, the bank said. “Growth will likely continue for the rest of this year,” the bank said, citing increased manufacturing activity in July, strong growth in industrial production, and solid export orders. The downside risks include possible new outbreaks of variants of SARS-CoV-2 and delays in the country’s vaccine rollout, it said.

Source: Taipei Times September 22, 2021 15:56 UTC