Taiwan’s GDP to top 2% in 2016, says NDC

TAIPEI - Taiwan’s gross domestic product will increase between 2.1% and 2.7% in 2016, with consumer price rises capped at 2.0% and unemployment hovering between 3.7% and 3.9%, according to the National Development Council.

According to the Directorate-General of Budget, Accounting and Statistics, these macro-economic take into account various factors at home and abroad. “While most international think tanks predict a rosier outlook for next year, uncertainties still remain that may slow the pace of recovery in major economies,” an official said.
Downside risks include fluctuations in global raw material prices, decelerating growth in mainland China, the impact of mainland China’s home-grown supply chain and US interest rate hikes.
“As well as tackling these challenges, the government will continue enhancing the local business environment through industry transformation, regulatory easing and talent cultivation,” the official said. “In addition to spurring consumer consumption, private investment and export growth, an important task is to strengthen Taiwan’s position in the global value supply chain.”
According to forecasts by 10 local and global think tanks in the past two months, Taiwan’s 2016 GDP growth is estimated at between 1.84% and 2.7%, CPI increases at between 0.3% and 1.7%, and unemployment at between 3.6% and 3.96%. www.taiwantoday.tw (ATI).