Taiwan Lowers GDP Forecast For 2022, Raises Inflation Expectations

Budget authority says import costs main reason for inflation.

Taiwan lowered its GDP growth forecast for this year by 0.51 percentage points to 3.91% versus its previous forecast.
According to an official statement on Friday from the country's budget directorate, inflation is expected to reach 2.67% on average this year, increasing by 0.74 percentage points.
The statement added that the main reason for inflation was import costs.
Growing by 6.57% in 2021, the self-ruling island's economy recorded 3.14% in the first quarter of 2022.
The inflation rate was 1.96% in 2021, while it was minus 0.23% in 2020. -