The IMF has raised its forecasts for GDP growth in Taiwan for this year and next year, while lowering its projection for global economic growth amid trade tensions between the US and China.
In its latest World Economic Outlook report released on Monday, the IMF revised its forecast for Taiwan’s GDP growth to 2.7 percent for this year, up 0.8 percentage points from its previous estimate in April.
The IMF forecast was similar to the 2.69 percent growth projected by the Directorate-General of Budget, Accounting and Statistics (DGBAS).
The IMF raised Taiwan’s projected GDP growth for next year by 0.4 percentage points to 2.4 percent, below the DGBAS’ forecast of 2.55 percent.
According to the IMF, consumer prices in Taiwan are expected to grow 1.5 percent this year and 1.3 percent next year, compared with increases of 1.52 percent and 0.93 percent respectively forecast by the DGBAS.
Taiwan is the only economy among the Asian Tigers — Taiwan, Hong Kong, Singapore and South Korea — to have its growth forecast raised by the IMF for both years.
The IMF decreased its growth forecast for South Korea from 3.0 percent to 2.8 percent for this year and from 2.9 percent to 2.6 percent for next year.
It revised up Hong Kong’s growth forecast for this year by 0.2 percentage points to 3.8 percent, but cut next year’s growth forecast by 0.3 percentage points to 2.9 percent.
Singapore’s GDP growth projection for this year remained unchanged from an earlier forecast of 2.9 percent, but its growth forecast for next year was lowered by 0.2 percentage points to 2.5 percent, the IMF said.
Over the longer term, the IMF forecast that Taiwan’s GDP would grow 1.9 percent in 2023, while pegging growth in South Korea, Singapore and Hong Kong at 2.6 percent, 2.6 percent and 3.1 percent respectively.
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