Taiwan revises down 2023 GDP growth forecast to 2.04%

Taiwan's economy is expected to expand 2.04% in 2023, the Directorate General of Budget, Accounting and Statistics said on Friday, downgrading its outlook from a previous estimate of 2.12% growth.

Gross domestic product (GDP) shrank by a revised 2.87% in the first quarter from a year earlier, slightly less than a preliminary reading of a 3.02% fall. The export-dependent economy has slipped into recession due to slowing global tech demand and broader economic woes.