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Taiwan's economic growth shifting into fast gear: analyst
Central News Agency
2014-08-07 08:11 PM
Taipei, Aug. 7 (CNA) Taiwan's economic growth looks poised to shift into fast gear in the second half of the year, propelled by a recovery in key overseas markets and steady global demand for high-tech consumer products, a local analyst said Thursday. The island's economic activity has been gaining momentum this year, with the economy showing its best performance in five quarters in the first three months of 2014 at 3.14 percent year-on-year growth, said Tony Phoo, an economist with Standard Chartered Bank in Taiwan. On a seasonally adjusted quarterly basis, the economy has expanded for four straight quarters, the longest growth streak since early 2011, he wrote in a research note. The government has also upped its 2014 growth forecast to 2.98 percent from 2.82 percent, he noted, adding that economic indicators and indexes have shown that the local economy is picking up in line with the global trend. With the rising consumer confidence and anticipated gains in real wage growth, such sentiment should further support gross domestic product growth in 2014, he predicted. Despite the rosy outlook, however, Phoo warned that the political environment could be a risk in the near future. "Trade dialogue between Taiwan and mainland China appears to have stalled since the student protests in March," the analyst said. Taiwan's elections in November could also stir up anti-China sentiment. The delay in trade talks with China could hinder Taiwan's plans to develop an offshore renminbi market and to achieve further economic integration with its neighbor, he said. (By James Lee)
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