Public confidence in the economy and stock performance weakened slightly this month, as Russia’s invasion of Ukraine weighed on markets and inflationary pressures intensified, a survey by Cathay Financial Holding Co (國泰金控) showed yesterday.
A total of 36.6 percent of respondents believed the economic outlook would worsen, as opposed to 36.4 percent who remained positive, the online survey of 20,540 people from March 1 to 7 showed.
About 22 percent said the situation would stay the same, while the remaining 4.8 percent had no opinion.
Photo: Chiang Ying-ying, AP
The nation’s largest financial service provider attributed the sentiment decline to the ongoing conflict between Russia and Ukraine, which has pushed up the prices of international crude, base metals and grains.
Still, about 82 percent expect Taiwan’s economy to grow at least 2 percent this year, compared with the government’s projection of 4.15 percent growth, it said.
However, 88.7 percent of respondents believed inflation would expand 3 percent or higher, easily outpacing economic growth, the survey showed.
While people have turned negative about the TAIEX, they demonstrated an increased willingness to raise their positions, as price corrections have made local shares more attractive, the survey showed.
More than 32 percent of respondents said they were willing to increase their holdings, outpacing 17.3 percent who said they would rather hold cash. A majority, 50.4 percent, said they would stay put.
At the same time, 33.4 percent said they would increase consumption of big-ticket items in the next six months, compared with 22.6 percent who said they would shrink the budget.
Cathay Financial said stabilized COVID-19 inflections helped boost consumption.
Furthermore, inflationary expectations led 39.7 percent of respondents to believe it would be wise to sell their homes now — a new high since October 2014 and close to 41 percent who held opposing views, the survey showed.
The findings did not factor in the central bank’s interest rate hike last week.
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