DGBAS raises its forecast for GDP growth this yearOUTBREAK DEPENDENT: Private consumption rose 4.66 percent last quarter and might expand 2.75 percent this year, down from a previous estimate of 3.74 percentBy Crystal Hsu / Staff reporterThe Directorate-General of Budget, Accounting and Statistics (DGBAS) yesterday raised its forecast for Taiwan’s GDP growth this year to 5.46 percent, up 0.82 percentage points from its projection in February as the global economic scene grew more favorable for exports and private investment. A COVID-19 outbreak in Taiwan is much worse than last year, but would not affect manufacturing activity or slow the export-focused economy, if it can be brought under control by next quarter, DGBAS Minister Chu Tzer-ming (朱澤民) said. Local steel makers have won extra orders after China introduced a carbon-neutral policy that has caused a global supply crunch, it said. In addition, local firms continue to shift production lines from overseas amid a global supply chain realignment, it said. Securities houses also reaped a windfall as daily turnover in local bourses augmented drastically, thanks to a spike in foreign and retail participants, the DGBAS said.

Source: Taipei Times June 04, 2021 15:56 UTC