Virus Outbreak: CIER lifts GDP forecast on stimulusWEALTH EFFECT: The Triple Stimulus Vouchers might boost GDP growth by 0.44 percentage points and private consumption to 1.33 percent, the CIER head saidBy Crystal Hsu / Staff reporterThe Chung-Hua Institution for Economic Research (CIER, 中華經濟研究院) yesterday raised its forecast for Taiwan’s GDP growth this year to 1.77 percent, from a previous estimate of 1.03 percent, as private consumption might stage a comeback fueled by the government’s Triple Stimulus Vouchers. It is the first upgrade to Taiwan’s GDP growth forecast since COVID-19 broke out in late January, prompting research institutes at home and abroad to cut projections, citing concerns over tepid consumer spending and exports. A sales clerk accepts a customer’s payment using a Triple Stimulus Voucher in Taichung yesterday. Photo: Chang Ching-ya, Taipei Times“The stimulus vouchers of NT$3,000 per person might boost GDP growth by 0.44 percentage points,” meaning the institute would have to raise the growth rate anyhow, CIER president Chang Chuang-chang (張傳章) said. Taiwan’s quick control of the virus outbreak has enabled people to lead a normal life with minimal social distancing requirements, the economist said.

Source: Taipei Times July 22, 2020 15:56 UTC