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Taiwan economy likely to grow above 6% this year, says finance minister

Taiwan economy likely to grow above 6% this year, says finance minister

A high rise building under construction is seen in Taipei, Taiwan September 22, 2021. REUTERS/Ann Wang

TAIPEI: Taiwan's economy is likely to grow more than 6 per cent this year, Finance Minister Su Jain-rong said on Wednesday (Sep 29), offering a forecast slightly more optimistic than the central bank's outlook last week.

Su made the comment while taking lawmaker questions in parliament.

Last week, the central bank had revised up the island's annual growth outlook as strong exports bolstered a trade-reliant economy that has boomed even in the face of local COVID-19 cases, which are now well under control.

The central bank raised its 2021 estimate for gross domestic product (GDP) growth to 5.75 per cent from the 5.08 per cent forecast in June.

Growth hit 3.11 per cent in 2020, after expanding 2.71 per cent in 2019.

Taiwan's GDP expanded by 7.43 per cent in the second quarter of 2021, down from 8.92 per cent in the first quarter, pulled lower by a partial lockdown to prevent domestic COVID-19 infections from spreading.

Source: Reuters/aj

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