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Prices at the Pumps - May 29, 2024 #saltwire #pricesatthepumps #gasprices #fuel #canadaTAIPEI - Taiwan's trade-reliant economy is expected to grow at a faster pace in 2024 than previously forecast, owing to high demand for artificial intelligence applications abroad and solid consumption at home, the statistics office said on Thursday.
"The higher forecast is mainly because of substantial exports," the agency told reporters."The key factor is AI, which is developing very fast." Exports in April rose for the sixth consecutive month, and may gain more momentum approaching the traditionally strong second half of the year, which bodes well for the island's economic growth amid booming demand.
"The robust global semiconductor cycle is positive for Taiwan's growth outlook... Local consumption is equity-linked. The strong performance of the stock market generates positive wealth effect and backs retail sales," ANZ said in a report this week.
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