Taiwan Forecasts GDP Growth of 11.05% in 2023

Taiwan predicts that its economy will grow this year at the fastest pace in nearly forty years, with a Gross Domestic Product (GDP) growth of 11.05% annually, the fastest expansion since the 12.75% recorded in 1987. The Minister of Statistics, Chen Shu-tzu, emphasized the importance of artificial intelligence (AI) development for the country's economic growth. Additionally, exports for 2026 are expected to increase by 41.07% compared to the previous year, marking the fastest growth since 1976. The economic growth forecast for the second quarter of 2026 has been slightly revised upward to 12.93%. For 2027, a growth of 6.04% is anticipated. The consumer price index for 2026 is projected at 2.07%, exceeding the central bank's target of 2%. This solid growth and inflation forecast suggest that Taiwan's central bank will not change interest rates.

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