The manufacturing, services, and construction sectors all reported negative indicators in October, revealing pessimism about the economic climate, the Taiwan Institute of Economic Research (TIER) said Friday (November 25).
The data shows that the worst is yet to come, with uncertainty lasting well into the second quarter of 2023, said Chang Chien-yi, the think tank’s president. On a global basis, the United States would remain close to zero growth, while the European Union would have to deal with energy problems during the winter, he said.
The major factor for global supply chains would still be China’s COVID-19 policies, the Economic Daily News reported. Chang predicted Taiwan’s economic growth would rely on domestic consumption next year, softening but not contracting.
TIER’s manufacturing composite indicator for October fell by 0.43 points to 84.20, its lowest level since May 2020 and the 10th monthly decline in a row. The services indicator dropped by 3.65 points from September to 91.09, and the construction composite indicator lost 5.24 points, ending at 85.10 for October.
https://www.taiwannews.com.tw/en/news/4730885
Category: Taiwan
