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Taiwan reduces its economic growth prediction for 2022 to 3.75 percent
(MENAFN) Taiwan's monetary policy body has reduced the island's economic growth prediction for this year to 3.75 percent.
Meanwhile, the authority increased the consumer price index (CPI) growth rate to 2.83 percent.
The modification was made due to the slow consumer and industry recovery caused by the COVID-19 pandemic, according to the authorities earlier this week.
In March, the authority predicted that the island's GDP would increase by 4.05 percent, with CPI rising by 2.37 percent year on year.
Taiwan's CPI increased by 3.39 percent in May, the largest increase in in a decade, according to data.
Meanwhile, the authority increased the consumer price index (CPI) growth rate to 2.83 percent.
The modification was made due to the slow consumer and industry recovery caused by the COVID-19 pandemic, according to the authorities earlier this week.
In March, the authority predicted that the island's GDP would increase by 4.05 percent, with CPI rising by 2.37 percent year on year.
Taiwan's CPI increased by 3.39 percent in May, the largest increase in in a decade, according to data.
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