The IMF has raised its 2022 economic growth forecast for Taiwan to 3.3 %. That’s according to the bi-annual World Economic Outlook report released on Tuesday.
The growth projection was raised by 0.1% from an estimate of 3.2 % made in April.
For 2023, the IMF projects Taiwan’s economy will grow by 2.8 %. That’s a 0.1 percentage point decrease from the financial institution’s April estimate.
The report sees inflation in Taiwan this year at 3.1 %, lower than the world average. And experts expect that number to come down to 2.2 % next year.
Forecasts also predict the unemployment rate is estimated to remain steady at 3.6% in 2022 and 2023.
The IMF’s latest report also highlights increasing turmoil in the global economy, with numerous countries’ economies likely to contract this year or next. It cites the lingering Covid-19 pandemic, global inflation, geopolitical instability, and ongoing conflict in Ukraine among the greatest risks to growth.