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Think tank lowers projection for Taiwan's economy for 2017

Updated: 12 21 , 2016 10:27
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TAIPEI, Dec. 20 -- A Taiwan think tank lowered its projection for the island's economy in 2017 on Tuesday due to higher comparison basis and a range of overseas uncertainties.

Taipei-based Chung-Hua Institution for Economic Research (CIER) forecast Taiwan's economy would grow 1.73 percent in 2017, compared with its October's estimate of 1.81 percent.

The new projection was made after the institution raised its forecast for 2016 from 1.03 percent to 1.26 percent.

The first quarter of 2017 is expected to see annualized growth of 2.4 percent of the year, while growth will slow in subsequent quarters, it said.

CIER President Wu Chung-shu said at a seminar on Tuesday that the uncertainty facing the island's economy includes U.S. policy, oil and commodity prices, along with economic growth and credit risk in the Chinese mainland.

CIER also predicted Taiwan's consumer inflation to stand at 1.45 percent next year, and averaged unemployment to reach 3.92 percent.

Taiwan's economy expanded 0.65 percent in 2015 after lackluster global economy sapped demand for Taiwan-made products.

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