Taiwan central bank to raise 2021 economic growth forecast

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(The Focus Taiwan)

Taiwan’s central bank is planning to raise its forecast for gross domestic product (GDP) growth in 2021 from the 3.68 percent predicted in December, Central Bank Governor Yang Chin-long (楊金龍) said Thursday.

During a hearing at the Legislature, Yang was asked to comment on a decision by the Directorate General of Budget, Accounting and Statistics (DGBAS) to raise its 2021 growth forecast by 0.81 percentage points to 4.64 percent in February.

In response, Yang said that the central bank is also planning to upgrade its annual GDP forecast during a quarterly policymaking meeting scheduled for March 18.

Asked if the strong economic forecast will affect interest rates, which are now at a historic low of 1.125 percent, Yang said the bank’s decision will consider both GDP growth and inflation, the latter of which remains at a “moderate” level.

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