Monday, July 2, 2012

Consumer confidence continued to decline in Taiwan

l  Amidst lingering global economic uncertainties, the public’s confidence in Taiwan's economy has continued its downward trend in recent months.

l The level of public confidence toward the island’s economy slumped to its lowest level in two years. The disappointing numbers also suggested that there is growing public concern over both global and domestic factors which could further impact Taiwan’s export-oriented economy.

l  Heavily dependent on trade, Taiwan's economic growth this year has been seriously hampered by the ongoing global economic downturn, evidenced by May's annual export growth rate falling to -6.3 percent.

l Since many of its trading partners are still struggling economically, Taiwan's exports could get worse before making a sustained turnaround. At the same time, Taiwan's Directorate-General of Budget, Accounting, and Statistics (DGBAS) also revised its 2012 annual economic growth rate down to 3.03 percent, indicating that a recovery does not appear imminent anytime soon.

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