Taiwan revises down 2022 GDP growth forecast hit by Covid, inflation

Taiwan's economy is likely to grow at a slower pace this year that initially forecast, the statistics office said on Friday, downgrading its outlook due to global inflation and COVID-19 dampening consumer demand at home and abroad.

The revision came as the statistics office raised its export growth forecast for this year, with continued strong global demand for the island's technology products buoyed by 5G, electric vehicles and high end computing.

Gross domestic product (GDP) is expected to rise 3.91% this year, the Directorate General of Budget, Accounting and Statistics said, down from 4.42% growth forecast in February.

That will be a slower