September 6, 2007
The Directorate General for Accounting, Budget, and Statistics (DGBAS) projects that Taiwan's economy will grow by 4.51% next year.
DGBAS said its projection was based on a generally stable outlook for the global economy next year, which also points to stability in Taiwan's foreign trade.
Other factors include private investment, which is expected to receive a boost from a number of government urban and rural renewal projects, as well as expansion in the semiconductor manufacturing and optoelectronics industries.
Domestic demand will remain strong as the labor situation is expected to improve with a rise in the minimum wage, while an increased accumulation of wealth and product diversification will bolster consumer spending.
Although global oil and agricultural raw materials prices are rising, technological advances, the production force, and market competitiveness will minimize price hikes, said DGBAS, which forecasts that both the Consumer Price Index and Wholesale Price Index will rise by 1.5%.
(Central News Agency)
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