Taiwan cuts GDP growth forecast for 2023 after exports slow down

Predicted export growth down over 5% in wake of rate rises and Ukraine

Export traffic is expected to slow at Taiwan's Keelung Port in 2023. © Reuters

THOMPSON CHAU, Contributing writer

February 22, 2023 19:16 JST

Updated on February 22, 2023 20:25 JST

TAIPEI -- Taiwan's economy will experience slower growth in 2023 than previously expected, the national statistics agency said on Wednesday as it cut the island nation's export outlook in light of global inflation, interest rate increases and the fallout from Russia's invasion of Ukraine.

Gross domestic product (GDP) this year is now expected to grow by 2.12%, Taiwan's Directorate General of Budget, Accounting and Statistics said at a press conference. This is a reduction of over 0.60% from the 2.75% predicted in November.