Taiwan's economic growth in the first quarter is expected to have slowed to its weakest in nearly four years, a Reuters poll showed, as the impact of the coronavirus health crisis hits its key electronics exports, a Reuters poll showed.
TAIPEI - Taiwan’s economic growth in the first quarter is expected to have slowed to its weakest in nearly four years, a Reuters poll showed, as the impact of the coronavirus health crisis hits its key electronics exports, a Reuters poll showed.
Gross domestic product probably expanded 1.6% in January-March compared with a year earlier, the poll of 16 economists predicted, the slowest pace since the first quarter of 2016. That would be down from 3.31% in the fourth quarter. “Even though Taiwan has managed to avoid the economically-damaging lockdowns, this will not stop a sharp slump in the economy,” Capital Economics analyst Gareth Leather wrote.
Earlier this month, Taiwan downgraded its economic growth forecast for this year to between 1.3% and 1.8%, from a February forecast of 2.37%, citing the impact of the coronavirus outbreak.In a sign of slowing demand for Taiwan’s electronic gadgets, the government expects April export orders to fall between 6.3% and 10.3% from a year earlier.
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