Taiwan must "redouble" efforts to meet growth forecast: central bank chief

[TAIPEI] Taiwan's monetary policy is already loose, and a great effort will be needed to achieve the reduced forecast of 1.47 per cent economic growth for this year, Taiwan's central bank governor said on Thursday.

Perng Fai-nan, who was taking questions from lawmakers in parliament, pointed out that exports in neighbouring countries, including South Korea and China, have been contracting. "We must redouble our efforts," Mr Perng said.

Last month, the government slashed its 2016 economic growth outlook to 1.47 per cent from 2.32 per cent, while projecting a year-on-year contraction for January-March.

Taiwan's exports, which drive the trade-dependent economy, are expected to contract for the second straight year this year, the government has forecast.

REUTERS