CIER raises GDP growth forecast to 3.73% for 2021SUSTAINABLE GROWTH: Stronger-than-expected exports are driving growth this year, while domestic demand would lift it next year, a CIER official saidStaff writer, with CNAThe Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) has adjusted upward its forecast for economic growth for this year and next year, with the strength in exports this year giving way to stronger domestic demand next year. CIER yesterday forecast that the economy would grow 2.38 percent this year and 3.73 percent next year, up from its October estimates of 1.76 percent and 3.42 percent respectively. Chung-Hua Institution for Economic Research vice president Wang Jiann-chyuan is pictured in an undated photograph. Photo: Wu Jia-ying, Taipei TimesThe economy’s higher-than-expected growth this year would largely be driven by robust exports, but the main engine of growth next year would shift to robust domestic demand and consumption, Wang said. At the same time, Taiwan should try to assist its companies in upgrading their operations and rebuilding their supply chains to align with global trends, helping to make businesses the pillars of the domestic economy, Wang said.

Source: Taipei Times December 18, 2020 15:56 UTC