Mon, Feb 23, 2009 - Page 12 News List

EIU predicts 2009 GDP decline of 9%

PESSIMISTIC The forecast was the second-worst prediction for Taiwan’s economy, just after a forecast of an 11 percent contraction in GDP by a Hong Kong think tank

By Kevin Chen  /  STAFF REPORTE

The report also forecast 6 percent economic growth for China this year, which was lower than its previous 7.5 percent estimate and represented the slowest growth the country would experience in almost two decades.

As a result of these downward adjustments, EIU said it expected global GDP to contract in both market and purchasing power parity (PPP) terms by 1.9 percent and 0.8 percent respectively this year.

“The health of the global economy continues to worsen at an alarming rate and the collapse in industrial production and trade volumes in December and January suggests that the deterioration is now synchronized across all regions,” the EIU said.

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