The Asian Development Bank (ADB) on Wednesday raised its forecast for Taiwan’s GDP growth this year to 6.2 percent, saying that the country’s economic momentum is expected to continue into the second half of the year.
In its latest Asian Development Outlook report, the ADB said the new forecast was an upgrade from its estimate in April of 4.6 percent growth, but it maintained its projected 3 percent growth for next year.
Taiwan saw robust economic growth of 8.3 percent in the first half of the year, the ADB said, citing a 22.4 percent year-on-year increase in exports on the back of high demand for emerging technologies such as 5G applications.
In addition, capital formation expanded by 8.9 percent in the first six months, with massive investments in machinery, transportation equipment, 5G network development and infrastructure for green energy, among other areas, the bank said.
However, private consumption, grew by only 1 percent in the first half of the year, due to a domestic outbreak of COVID-19 in May, it said.
Noting that about 40 percent of the population had received its first dose of a COVID-19 vaccine as of mid-August, the ADB said the disease seemed to be largely contained, which should boost consumer confidence and bode well for private consumption.
“Growth will likely continue for the rest of this year,” the bank said, citing increased manufacturing activity in July, strong growth in industrial production, and solid export orders.
The downside risks include possible new outbreaks of variants of SARS-CoV-2 and delays in the country’s vaccine rollout, it said.
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