Taiwan's GDP Continues to Sink, and Sink and Sink. Did Ma Say it Would be 6??
Friday June 08, by Jerome F. Keating Ph.D.
Cathay Financial Holding Company gave its most dismal forecast yet; it revised Taiwan's GDP downward from 3.73 to 2.45 per cent. Ouch, that hurts! It hurts particularly when on realizes that it was not that long ago that the forecasters and govt. were saying GDP growth might not make 4.5 per cent this year. Then they said maybe it might not make 4 per cent. Then it went under 4 to 3.7 per cent, and now it is 2.45 per cent. Ugh! That does not bode well.
For those that have been around for some time the glory days of the administration of Chen Shui-bian when it was 5 to 5.5 per cent are recalled. So too are the days when Ma Ying-jeou's brainchild advisors predicted that they could make it rise and Ma promised his infamous 6 per cent GDP in 2008. Of course that was revised when they met reality and they said they meant that it would be 6 per cent in 2016 if he was allowed to have eight years instead of four as President.
Well now he is starting his second four years and it has dropped to 2.45 per cent. Is there anyone that believes his revised promise of 6 per cent by the time he finishes.