Taiwan’s Economy Expected to Grow Faster in First Quarter of 2024
Taiwan’s economy is expected to grow faster in the first quarter of 2024, thanks to a rebound in exports and increased demand for technology used in artificial intelligence applications. Gross domestic product (GDP) is forecasted to have expanded by 5.65% in the first quarter compared to the same period last year, an increase from the 4.93% growth seen in the fourth quarter of 2023.
According to a Reuters poll, economists predicted a range of GDP growth rates for the first quarter, with forecasts ranging from 4.2% to as high as 7%. The strong performance in exports, particularly in the tech sector, has contributed significantly to the overall growth of the economy. In the first quarter, exports increased by 12.9% year-on-year, a significant jump from the 3.4% growth in the fourth quarter of the previous year.
Mickey Liao, an analyst at SinoPac Securities Investment, noted that low unemployment rates are a result of manufacturing sector benefits from strong export performance. While Taiwan is expected to show its highest GDP growth for the year during this period, it is anticipated that there will be slight slowdowns
