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Taiwan lowers 2023 GDP growth forecast to 2.04%

Export-dependent economy hit by sluggish demand for tech products

Trucks and containers at a port in Keelung, Taiwan. The island is a key hub in the global technology supply chain.     © Reuters

TAIPEI -- Taiwan on Friday lowered its economic growth forecast for the year to 2.04%, the slowest pace in nearly eight years, after the island slipped into a recession in the first quarter.

The latest annual growth estimate -- down from an earlier 2.12% projection -- comes as the trade-dependent economy struggles with slowing demand for its tech exports.

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