Taiwan Cuts Growth Forecast as Global Headwinds Intensify

Taiwan cut its forecast for 2022 growth for a second time as slowing global demand for electronics, high inflation and rising geopolitical pressure from China cloud the economy’s outlook.

Gross domestic product is likely to grow 3.76% for the year, the Cabinet’s statistics department said in a statement Friday. That’s lower than the most recent formal estimate of 3.91% in May, and compares with an unofficial estimate released last month of 3.85%.