Taiwan's GDP forecast raised

TAIPEI: A Taiwan think tank on Friday raised its growth forecast for the island's gross domestic product (GDP) to 2.88 percent in 2002, up from a previous projection of 2.38 percent.

The Taiwan Institute of Economic Research, the second think tank in a week to raise growth forecasts for the export-reliant island economy, attributed the upward revision to a brisk outlook for the global economic recovery.

The think tank saw a 2.89 percent growth in Taiwan's 2002 private spending, and a 1.22 percent rise in this year's private investment.

Earlier this month, the Chung-Hua Institution for Economic Research raised its forecast for Taiwan's 2002 gross domestic product (GDP) growth to 2.67 percent from an earlier estimate of 2.36 percent. -- Reuters