CLSA’s estimate contrasted sharply with the Taiwanese government forecast, released on Wednesday, of a two percentage point growth rate in 2009. Taiwan’s Ministry of Economic Affairs and Council for Economic Planning and Development had no immediate comments on the CLSA report.
CLSA keyed its estimate to a collapse in Taiwanese exports ‘the main engine of the island’s economic growth’ and a fall in its investment and domestic spending. In its report, CLSA also predicted rough sledding for other economies in the region.
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