Taiwan lowers GDP forecast for 2022, raises inflation expectations

ISTANBUL

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.