Taiwan trims 2020 GDP outlook over fears coronavirus could hit exports

Taiwan's government lowered its 2020 economic growth forecast to 2.37% from 2.72% amid worries the coronavirus outbreak could hit its export-reliant economy, a key part of the global supply chain for electronics. Fourth-quarter growth in 2019 was marginally lowered to 3.31% percent from 3.38%, putting full-year 2019 GDP at 2.71% instead of the preliminary 2.73%, according to statistics agency data released on Wednesday.

The government also reduced its inflation outlook for 2020 to 0.62% from 0.71% projected in November. Taiwan's economy grew at the fastest pace in one-and-a-half years in the fourth quarter, partly helped by a recovery in electronics demand as concerns over U.S.-China trade frictions eased.