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Taiwan business leaders pessimistic
Nearly 80% of Taiwan's industry leaders are expressing pessimism over the global economy's prospects this year -- that, according to a survey by PwC Taiwan.
According to the survey, the percentage of those expressing a downbeat opinion is the highest seen in the 10 years since the annual survey was first conducted in 2012.
The annual survey shows that only 18% of respondents believe the global business climate will improve this year - and that's down from 79% last year.
PwC Taiwan says sluggish economic growth as well as the threats of rising inflation and geopolitical uncertainty are contributing to the negative outlook among business leaders.
In contrast, a National Central University survey finds that consumer confidence in Taiwan was up for the second consecutive month in February, indicating higher optimism over the economy.
Taiwan's consumer confidence index, compiled monthly by NCU, rose 2.7 points from a month earlier to 62.5 in February. It had fallen to a record low in December 2022, but rebounded in January.
NCU's Research Center for Taiwan Economic Development says compared with the small rise in January, the bigger gains in the February index suggested a significant increase in consumer confidence.
But the center says with inflation still high in Western countries and the US Federal Reserve and European Central Bank likely to raise interest rates, hurting global demand, Taiwan's exports could suffer and erode confidence in household finances and employment in the future.
