Taipei, April 1 (CNA) Cathay Financial Holding Co., one of the largest financial holding firms in Taiwan, has cut its forecast for Taiwan's gross domestic product (GDP) growth in 2023 to below 2 percent, citing a fall in exports.
Cathay Financial Holding Co (國泰金控) yesterday lowered its forecast for the nation’s GDP growth this year from 3.7 percent to 3.4 percent its second downward revision this year due to inflation and the COVID-19 pandemic.
High inflation has dampened domestic consumption, while monetary tightening by central banks and the Russia-Ukraine war has clouded the prospects of the global economy and reduced demand worldwide, National Central University economics professor Hsu Chih-chiang (徐之強) said.
Hsu heads a research team commissioned by Cathay Financial.
A COVID-19 outbreak in Taiwan hit the local service industry and affected the recovery of private consumption in the