The IMF on Tuesday raised its forecast for Taiwan’s GDP growth for this year to 3.3 percent, up 0.1 percentage points from its April estimate.
In its October World Economic Outlook report, the IMF said that the global economy is experiencing turbulent challenges shaped by the lingering effects of Russia’s invasion of Ukraine and tightening financial conditions in most regions.
In addition, the highest inflation in several decades and the lingering effects of the COVID-19 pandemic weigh heavily on the outlook, the report said.
Photo: Carlos Garcia Rawlins, Reuters
As a result, it forecast global growth to slow from 6 percent last year to 3.2 percent this year and 2.7 percent next year, the report said.
Global inflation is expected to rise from 4.7 percent last year to 8.8 percent this year, but fall to 6.5 percent next year and 4.1 percent by 2024, it said.
Although the IMF raised its forecast for Taiwan’s GDP growth this year, it cut its growth projection for the economy next year to 2.8 percent, down 0.1 percentage points from its April estimate.
As for inflation, the IMF projected that Taiwan’s consumer price index (CPI) would rise 3.1 percent this year and 2.2 percent next year, lower than global levels, while the nation’s unemployment rate is forecast to be 3.6 percent this year and next year.
Of the major economies in Asia, China’s GDP growth is expected to slow from 8.1 percent last year to 3.2 percent this year and 4.4 percent next year, while its CPI is forecast to rise 2.2 percent this year and next.
Japan’s GDP is expected to grow 1.7 percent this year and 1.6 percent next year, while its CPI is forecast to increase 2 percent this year and 1.4 percent next year.
South Korea’s economy is forecast to grow 2.6 percent this year and 2 percent next year, while its CPI is to increase 5.5 percent this year and 3.8 percent next year, the report said.
The IMF also forecast that Singapore’s GDP would grow 3 percent this year and 2.3 percent next year, while Hong Kong’s economy is expected to see negative growth of minus-0.8 percent this year and growth of 3.9 percent next year.
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