Taiwan’s Economy Will Grow 7.7% in 2010: IMF

Taipei, July 9, 2010 -The International Monetary Fund (IMF) has revised upward its forecast for Taiwan`s economic growth in 2010 to 7.7%, up from the original forecast of 6.5% made in April, with the new figure even higher than the forecast made by Taiwanese institutions.

In a report released on July 8, IMF, however, lowered its forecast for Taiwan`s economic growth in 2011 to 4.3%, down from the previous figure of 4.8%. It predicted that the four little Asian dragons will rack up a robust growth of 6.7% on average in 2010, thanks to export upsurge and upturn in domestic demand, but the growth rate will decrease to 4.7% in 2011.

Shih Yen-hsiang, economics minister, remarked that Taiwan`s economy will grow at least 6% this year, adding that a growth rate of 7% or even 8% is possible. Christina Liu, minister of the Council for Economic Planning and Development (CEPD), attributed IMF`s rosy outlook to the robust growth of Taiwan`s domestic consumption and investments and was especially upbeat about its investment performance, citing the effect of cross-Taiwan Strait Economic Cooperation Framework Agreement (ECFA). She, however, cautioned that the euro region`s economic woe has started to affect Taiwan`s exports.

In view of the stronger-than-expected performance of the Asian economy, the IMF has also revised upward its forecast growth for the global economy this year to 4.6%, higher than the previous figure of 4.2%, but maintained its forecast for the global economic growth next year at 4.3%.

China`s economy will expand by 10.5% this year, the highest worldwide, followed by India with 9.4% and Brazil with 7.1%, according to the IMF. Although the European financial market will stabilize gradually, the IMF still revised downward its forecast for the euro region`s economic growth in 2011 to 1.3%, 0.25 percentage points lower than the previous forecast, due to the effect of the financial disciplinary measures, but maintained its forecast for the region`s growth this year at 1%. The U.S. economy will grow 3.3% this year and the Japanese economy 2.4%, both higher than the previous forecast.

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