Taiwan's economic growth rate for the year will fall below 2 percent, despite an optimistic outlook that business conditions will soon recover, an official with the Cabinet-level Directorate General of Budget, Accounting and Statistics said yesterday.
Yeh Wang-an (葉萬安), an advisory member of a directorate committee and a former vice chairman of the Council of Economic Planning and Development, Taiwan's highest government agency in charge of drawing up the country's economic policies, said the low growth forecast is due to the fact that Taiwan's economy grew by only 1 percent in the second quarter and it will be hard to surpass 4 percent for the fourth quarter.
The directorate committee is slated to call a meeting Aug. 17 to officially adjust the growth rate.
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