TIER lowers GDP growth forecast to 3.81%SEEING RAIN CLOUDS: Companies are less confident about their business prospects in the next six months, with tech firms more pessimistic than non-tech companies, TIER saidBy Crystal Hsu / Staff reporterThe Taiwan Institute of Economic Research (TIER, 台灣經濟研究院) yesterday trimmed its forecast for GDP growth this year from 4.1 percent to 3.81 percent, as private consumption was softer than expected because of COVID-19 infections and consumer price hikes. TIER Economic Forecasting Center director Gordon Sun (孫明德) attributed the softer GDP projection to weaker-than-expected private consumption in the first six months of the year. Taiwan Institute of Economic Research Economic Forecasting Center director Gordon Sun poses for a photograph in Taipei on Feb. 25. Private investment remains firm at 4.25 percent, as major tech companies pressed ahead with capacity expansion plans, Sun said. Despite ongoing tech cycle corrections, TIER increased its growth forecast for exports and imports to 13.16 percent and 16.9 percent on the back of a better performance in the first half.

Source: Taipei Times July 25, 2022 17:26 UTC