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TAIPEI, Oct 1 Asia Pulse - Taiwan Minister of Economic Affairs Lin Hsin-yi said Saturday that an early recovery of Taiwan's economy is not likely, mainly because of the effect of the Sept. 11 terrorist attacks in the United States.
In an interview with a local radio station, Lin quoted the latest American forecast as saying that Taiwan's real economic growth rate this year is expected to slip to minus 1.9 per cent from last year's six per cent.
He said that before the Sept. 11 incident, most economic analysts believed that the U.S. economy would begin making an upturn in the fourth quarter of this year, but now its recovery would be influenced by several uncertain factors.
Lin noted that the latest U.S. forecast listed the 2000 growth rates at 2 per cent for Singapore, 1.1 per cent for the U.S., minus 1.2 per cent for Japan and minus 1.9 per cent for Taiwan.
Taiwan and Singapore are said to be among the hard stricken countries. Last year, Singapore achieved a 9.9 per cent growth rate.
The minister said that with the delay in the U.S. recovery, it is not optimistic to see an early recovery for Taiwan's economy. The U.S. has been the largest market for Taiwan's exports.
As the U.S. going to wage an war ...
Source: HighBeam Research, MINISTER PESSIMISTIC OVER EARLY RECOVERY OF TAIWAN ECONOMY.