Taiwan lowers 2020 GDP forecast again on pandemic impact

FILE PHOTO: A woman walks under Taiwan's landmark building Taipei 101 in Taipei, Taiwan July 27, 2017. REUTERS/Tyrone Siu

TAIPEI (Reuters) - Taiwan’s economy is expected to grow 1.56% in 2020, the statistics agency said on Friday, downgrading a previous forecast of 1.67% predicted in May due to the impact of the coronavirus pandemic, but saw a strong rebound next year.

Second-quarter annual GDP growth was revised slightly higher to a 0.58% contraction from a preliminary 0.73% decline, the Directorate General of Budget, Accounting and Statistics said.

For 2021, the statistics office said it saw GDP growing a strong 3.92%.

Reporting by Jeanny Kao and Yimou Lee; Writing by Ben Blanchard; Editing by Jacqueline Wong