TAIPEI–Australia and New Zealand Banking Group Ltd. (ANZ) has raised its growth forecast for Taiwan’s 2013 gross domestic product (GDP), citing a rebound in exports amid a recovery of global demand.
ANZ revised its 2013 projection from 3.02 percent to 3.6 percent, saying in a recent research note that Taiwan’s economy has been showing signs of recovery since the fourth quarter of last year, when it recorded higher-than-expected growth of 3.72 percent.
Taiwan posted 1.26 percent economic growth for the whole of 2012, and the rise continued in January.
The country’s exports contracted year-on-year in February, largely due to a distortion caused by the fact that the Lunar New Year fell in February this year and in January last year, ANZ said.
Raymond Yeung, a senior economist at ANZ Research, also forecast more vibrant growth for the other export-oriented economies in the “Greater China” region in 2013.
He raised the forecast for China’s 2013 economic growth from 8 percent to 8.1 percent, and predicted a 3.7-percent growth in Hong Kong’s GDP.