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Taiwan central bank chief says economy could grow 1.2% this year

Wednesday, November 9, 2016 - 12:05

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Taiwan's trade-reliant economy could expand by 1.22 per cent this year, in line with the government's target, its central bank chief said on Wednesday.

[TAIPEI] Taiwan's trade-reliant economy could expand by 1.22 per cent this year, in line with the government's target, its central bank chief said on Wednesday.

Taiwan's exports rose at their fastest rate in over two years in October, signalling strong year-end shopping demand for hi-tech goods remains on track.

"There is a chance for the economy to grow 1.22 percent this year," central bank Governor Perng Fai-nan told legislators in a parliament session.

His comments come after the central bank said in a report issued to the parliament earlier this week that Taiwan's economy is stabilizing and poised for a "mild" recovery.

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However, concerns are mounting that a possible victory by Republican Donald Trump in US presidential elections could lead to global economic and trade turmoil. Mr Trump was leading Democrat Hillary Clinton as votes were being counted early on Wednesday.

The governor told legislators the central bank will work with the Financial Supervisory Commission and the finance ministry to maintain stability of local financial markets if necessary.

"We will maintain the dynamic stability of the Taiwan dollar (against the US dollar)," he said.

REUTERS

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