IMF cuts Taiwan's 2023 GDP forecast to 0.8%

11 October, 2023

Courtesy of ICRT


The International Monetary Fund (IMF) has lowered Taiwan's 2023 gross domestic product (GDP) growth forecast by 1.3 percentage points from its April estimate to 0.8%.


The forecast was carried in the IMF's October 2023 World Economic Outlook report, which predicted the decline amid an ongoing global economic slowdown. In it, the IMF said that the global economy is experiencing turbulent challenges shaped by the lingering effects of the Russian invasion of Ukraine, as well as the Covid-19 pandemic. As a result, global growth is forecast to slow from 3.5% in 2022 to 3% percent in 2023 and 2.9% in 2024, the report said.

As well as reducing its forecast for Taiwan's GDP growth to 0.8 percent, the IMF predicted Taiwan's consumer price index (CPI) will increase by 2.1% in 2023 and 1.5% in 2024, well below the expected global average of 6.9% in 2023 and 5.8% in 2024.

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