Economics
Taiwan Sounds Currency Warning as Chip Demand Fuels Exports
- Government lifts forecast for 2021 GDP, export growth
- Shares, Taiwan dollar gain after bullish outlook for economy
Photographer: Tomohiro Ohsumi/Bloomberg
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Taiwan more than doubled its forecast for export growth this year, but sounded a warning that the global scramble for computer chips is going to add further upward pressure on the local dollar. Stocks and the currency gained.
Exports will likely rise 9.58% this year, compared with a previous estimate of 4.59%, the statistics bureau said Saturday. Gross domestic product may expand 4.64%, more than previously expected and up from a revised 3.11% in 2020, when it was one of the few significant economies to register growth.