{"id":27441,"date":"2023-04-28T09:03:41","date_gmt":"2023-04-28T09:03:41","guid":{"rendered":"https:\/\/lynettelockhart.com\/client\/taiwan-slips-into-recession\/"},"modified":"2023-04-28T09:08:14","modified_gmt":"2023-04-28T09:08:14","slug":"taiwan-slips-into-recession","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/taiwan-slips-into-recession\/","title":{"rendered":"Taiwan slips into recession as Q1 GDP hits 14-year low"},"content":{"rendered":"<p>By Jeanny Kao and Faith Hung<\/p>\n<p>TAIPEI (Reuters) -Taiwan&#8217;s export-dependent economy contracted more than expected in the first quarter and slipped into recession as exports were hit by slowing global tech demand and broader economic woes, but should hit a 2% growth target this year.<\/p>\n<p>Gross domestic product (GDP) shrank 3.02% in January-March from a year earlier, following a contraction of 0.41% in the previous quarter, preliminary data from the statistics agency showed on Friday.<\/p>\n<p>That marked the economy&#8217;s worst performance since 2009 and lagged a fall of 1.25% predicted in a Reuters poll.<\/p>\n<p>&#8220;The first-quarter GDP was the worst since the financial crisis,&#8221; Wu Pei-hsuan from the Directorate General of Budget, Accounting and Statistics told reporters, referring to the 2008-2009 global crisis.<\/p>\n<p>&#8220;This quarter&#8217;s external demand was weak, but private consumption was strong.&#8221;<\/p>\n<p>There is still a chance, though, for the 2023 full-year GDP to hit 2% growth, the statistics department said. <\/p>\n<p>Taiwan&#8217;s exports fell year-on-year for a seventh consecutive month in March, with the government predicting the downturn may continue until at least the fourth quarter.<\/p>\n<p>Economy Minister Wang Mei-hua told reporters there were no &#8220;obvious signs of recovery&#8221; for the global economy due to high inflation and high interest rates, and Taiwanese companies were still seeing high levels of inventory.<\/p>\n<p>    \u00a0\u00a0\u00a0 &#8220;Everyone hopes things improve in the second half,&#8221; she said.  <\/p>\n<p>Taiwan&#8217;s first-quarter exports dropped 19.17% from a year earlier in U.S. dollar terms, the agency said.<\/p>\n<p>Quarter-on-quarter, the economy contracted 6.37% on a seasonally adjusted annual rate.<\/p>\n<p>The economy in China, Taiwan&#8217;s largest export market, grew 4.5% in the first quarter on the year, faster than expected as the end of strict COVID-19 curbs freed businesses and consumers from crippling disruptions. <\/p>\n<p>Taiwan will release revised GDP figures for the first quarter in late May, which will include full-year growth forecasts for 2023. In February, the statistics agency revised down its full-year 2023 outlook to +2.12% from a previous forecast of +2.75%.<\/p>\n<p>That would signal a slowdown from expansion of 2.45% in 2022 and 6.53% in 2021.                    <\/p>\n<p> (Reporting by Jeanny Kao and Faith Hung; Editing by Ben Blanchard, Simon Cameron-Moore and Raju Gopalakrishnan)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/taiwan-slips-into-recession\/people-buy-and-sell-vegetables-ahead-of-the-lunar-new\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3R0CP-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3R0CP-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Jeanny Kao and Faith Hung TAIPEI (Reuters) -Taiwan&#8217;s export-dependent economy contracted more than expected in the first quarter and slipped into recession as exports were hit by slowing global tech demand and broader economic woes, but should hit a 2% growth target this year. Gross domestic product (GDP) shrank 3.02% in January-March from a [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":27442,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1216],"tags":[1223],"class_list":["post-27441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-economy","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportEconomy\/tagreuters.com2023binary_LYNXMPEJ3R0CP-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27441","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=27441"}],"version-history":[{"count":2,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27441\/revisions"}],"predecessor-version":[{"id":27473,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/27441\/revisions\/27473"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/27442"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=27441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=27441"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=27441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}