The government has faith in maintaining Taiwan’s position as a leading Asian country in terms of economic growth, Council for Economic Planning and Development (CEPD) Minister Christina Liu (劉憶如) said yesterday as she dismissed concerns of a double-dip recession.
“No matter how the global economic situation evolves, we have confidence in the economy,” Liu said in response to media queries about the gloomy forecast for the global economy next year put forward by leading businesspeople, including Taiwan Semiconductor Manufacturing Co chairman and chief executive Morris Chang (張忠謀).
At a public event on Wednesday, Chang — who is well known for his references to the swallow as a symbol of economic strength because of the bird’s associations with an approaching spring — said: “No swallow will be in sight throughout next year.”
Liu said that the government has already implemented various short and long-term measures to respond to changes in the global economy, and “with that, Taiwan’s economic growth would outperform other countries in Asia next year.”
“It is like making preparations before a typhoon,” Liu said.
Liu said the country was still far from a double-dip recession, even though there were growing fears of double-dip recessions in the US and Europe.
In August, the Directorate-General of Budget, Accounting and Statistics (DGBAS) lowered Taiwan’s GDP forecast for this year from 5.01 percent to 4.81 percent, slightly below the CEPD’s target of 4.82 percent.
The DGBAS also predicted a gloomier economic outlook for next year, estimating GDP growth at 4.58 percent.
The IMF last month trimmed its economic growth forecasts for India, China and other developing economies in Asia due partly to slower growth in the rest of the world.
The IMF expects China’s economy to grow 9.5 percent this year and 9 percent next year, down from its June forecast of 9.6 percent and 9.5 percent respectively.
For developing Asia, the IMF lowered its growth forecast to 8.2 percent this year and 8 percent next year, from its June forecast of 8.4 percent for each year.
The developing Asian countries include China, India, Indonesia, Thailand, Malaysia, the Philippines, Vietnam and about 20 other smaller economies.
The IMF forecast India’s economy would grow 7.8 percent this year and 7.5 percent next year, down from its June forecasts of 8.2 percent and 7.8 percent respectively.
It forecast economic growth in the four newly industrialized Asian economies — South Korea, Taiwan, Hong Kong and Singapore — would slow to 4.7 percent this year and 4.5 percent next year, from 8.4 percent last year.
The IMF expected the economy to grow 5.172 percent in Taiwan, 4.193 percent in Hong Kong, 4.409 percent in Singapore and 3.845 percent in South Korea.
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