TAIPEI (Taiwan News) — The International Monetary Fund (IMF) cut its 2022 GDP forecast growth for Taiwan on Tuesday (April 19).

In its latest World Economic Outlook report, the IMF reduced its GDP forecast for Taiwan from 3.3% in October to 3.2%. It also predicted 2.9% of GDP growth for the country for 2023.

The IMF’s forecast for this year was more conservative than Taiwan’s own predictions. At the end of February, the Directorate General of Budget, Accounting and Statistics forecast the GDP would grow by 4.42% this year.

As for inflation, the IMF projected Taiwan’s consumer price index (CPI) to grow by 2.3% in 2022, an increase of 0.8 percentage points from its October forecast. The IMF forecast Taiwan’s CPI would rise by 2.2% in 2023.

The unemployment rate predicted for the country remains at 3.6% for 2022, and the IMF sees unemployment staying at the same level for 2023 as well.