Taiwan slashes 2023 growth outlook with exports seen plunging

Taiwan’s economy is likely to grow less than 2% this year, according to the government’s latest forecast, in another sign the global electronics slump may persist longer than expected.

The government’s statistics bureau revised down its 2023 growth forecast on Friday to 1.61% from a previous projection of 2.04% made in May. It was the third straight cut to their outlook and would represent the slowest pace of growth since 2015.