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Taiwan slashes growth forecast amid weak demand, China competition

Taiwan slashes its growth forecast for 2015 to 1.56%, saying the economy is losing strength due to weak demand from abroad and stiffer competition from China in the tech sectorTaiwan on Friday slashed its growth forecast for 2015 to lower-than-expected 1.56 percent, saying the economy was losing strength due to weak demand from abroad and stiffer competition from China in the tech sector. The figure marked a steep fall of 1.72 percentage points from May when the Directorate General of Budget, Accounting and Statistics made the previous estimate. Traditionally an export-driven technology hub, Taiwan has benefited from Apple’s new iPhone6, launched last year.

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