Taiwan sees 2020 GDP growth at 1.67%, slowest in five years

Taiwan is expected to post its slowest economic growth in five years in 2020, the statistics agency said on Thursday, as the coronavirus crisis hurts trade, consumer spending and the job market.

The export-reliant economy is likely to grow 1.67% this year, the Directorate General of Budget, Accounting and Statistics said in a statement.

In February it forecast full year growth at 2.37%, but in April, the agency's chief told parliament it was more likely to be 1.3%-1.8%.

Taiwan's first-quarter annual GDP growth was also revised slightly higher to 1.59% from a preliminary 1.54%, the agency said.

It also nudged down its inflation estimate for 2020 to -0.32% from 0.62% previously.