Economy hit by slowing global tech demand, Covid-19-related chaos in China. Read more at straitstimes.com.
TAIPEI - Taiwan’s trade-dependent economy unexpectedly contracted in the fourth quarter, putting in its worst performance in 13 years, hit by a drop in exports on slowing global tech demand and Covid-19-related chaos in its largest market, China.
That was worse than an increase of 1.3 per cent forecast in a Reuters poll, and the worst quarterly performance since the economy contracted 1.13 per cent in the third quarter of 2009, when the world was dealing with a financial crisis. “External demand has weakened significantly,” the Directorate General of Budget, Accounting and Statistics said, pointing to global inflation and interest rate rises suppressing demand and “the deterioration of the pandemic in mainland China interfering with consumption and production activities”.
Taiwan’s total fourth-quarter exports dropped 8.63 per cent from a year earlier in US dollar terms, the agency said.
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