Virus Outbreak: Officials reject IMF economic forecastEXPANSION: The IMF’s projection that Taiwan’s economy would shrink 4% this year reflected a lack of understanding of the nation’s economic situation, officials saidBy Crystal Hsu / Staff reporterGovernment officials yesterday dismissed an IMF forecast that Taiwan’s GDP would contract by 4 percent this year, saying that the nation’s economy would continue to grow by 1.3 to 1.8 percent. “There is no need to take the [IMF] forecast seriously, as the international research body has failed to factor in the government’s NT$1.05 trillion [US$34.96 billion] program to mitigate the effects of the [COVID-19] pandemic,” Chu told reporters. Photo: Tu Chien-jung, Taipei TimesThe IMF also does not have the latest figures on Taiwan’s economic performance, as the DGBAS is to disclose first-quarter figures on April 30, he said. The National Development Council said the IMF forecast reflected a lack of understanding of the nation’s economic situation. The IMF forecast that the world economy would contract by 3 percent this year, induced in part by concerted government efforts to combat the pandemic, before rebounding by 5.8 percent next year.

Source: Taipei Times April 15, 2020 15:56 UTC