IMF sharply revises Taiwan's economic growth rate from 4.7% in April to 5.9% in October

The International Monetary Fund (IMF) announced the October Global Outlook report which revises Taiwan’s economic growth rate in 2021. The rate changes from 4.7% in April to 5.9% in October and the estimated growth rate in 2022 is 3.3%.

At the same time, the rate of global economic growth was revised to 5.9% which was revised down by 0.1 percentage point from the July forecast. It will become 4.9% next year.

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Asia is the region where the IMF has reduced the economic growth of developing economies the most. (Photo / Retrieved from Pixabay)

According to the IMF, the economic growth of Asian economy is expected to grow by 6.5% in 2021 and its forecast in April was 7.6%.

Last year, Asian countries were relatively successful in containing the pandemic. However, this year, some countries including India, Malaysia and Vietnam have to fight against a new wave of variant viruses. Together with the slow progress in the introduction of vaccines, the economic recovery is affected.

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IMF sharply revised Taiwan's economic growth rate. (Photo / Retrieved from Pixabay)

Resurgence of the pandemic forced countries to adopt stricter containment measures which devastated the service industry, leading to temporary closures of some factories. The IMF said that even if export demand is strong, it still hinders Asia's economic growth. IMF also mentions that Asia is the region where the IMF has made the biggest downward adjustment to the economic growth of developing economies.

In addition to the overall downward adjustment, some countries with expected growth have also been adjusted downwards. For example, Indonesia, Malaysia, the Philippines, Thailand, Vietnam and other Southeast Asian countries have been revised down from 4.3% in July to 2.9%, and the United States has been revised down from 7.0% to 6.0. %, while slightly lowering the expectations of countries such as Germany, Spain, Japan, the United Kingdom and Canada.