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Central Bank: GDP growth to remain above 2% this year

  • 01 March, 2023
  • Itamar Waksman
Central Bank: GDP growth to remain above 2% this year
Central bank chief Yang Chin-lung speaking at the legislature on Wednesday. (Photo: CNA)

Taiwan’s economy will grow more than 2% this year. That’s the word from central bank chief Yang Chin-lung (楊金龍) on Wednesday. Yang was addressing concerns that Taiwan’s economy would further slow after the government’s statistics bureau lowered its growth forecast last week.

Yang says domestic and foreign estimates for economic growth average at about 2.2%. He says unless the country is affected by unforeseen circumstances, there’s little reason to believe the economy won’t grow by more than 2%. Yang adds the statistics bureau’s lower growth forecast did not factor in a proposed NT$380 billion (US$12.4 billion) stimulus package which could stimulate the economy.

The central bank chief also addressed criticisms from another bank leader that monetary authorities have not been raising interest rates enough to tackle inflation. The critic said the bank’s policies would result in the economy stagnating while inflation remains high. 

Yang says Taiwan’s economy grew last year and is set to continue growing, making concerns over so-called “stagflation” unfounded. He says the bank will continue raising interest rates according to rate hikes in the United States and the domestic situation. 

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