Taiwan’s manufacturing sector is predicted by the country's Industrial Economics and Knowledge Center (IEK) to grow at over three per cent this year.
The China Post reports that the IEK projects a growth rate of 3.09 per cent for 2014, up from last year’s 2.15 per cent. Taiwan’s manufacturers are set to benefit from global growth significantly stronger than last year’s.
The International Monetary Fund predicts the global economy to grow by 3.6 per cent in 2014, up from last year’s 0.7 per cent.
Taiwan’s manufacturing sector’s exports would be worth the equivalent of $US 588.55 billion, assuming the IEK’s predictions are correct.
Predicted growth rates in four manufacturing sub-sectors tracked, according to the IEK, are 1.62 per cent for metal and machinery, 4.79 per cent in information technology and electronics, 3.14 per cent for chemicals, and 1.86 per cent for consumer goods.
Focus Taiwan points out that the IEK’s predictions are revised down from October’s projection of 3.42 per cent for 2014.
Uncertainties faced by Taiwanese exporters include high unemployment in Europe and the United States’ high debt levels.