Taipei, Nov. 21, 2012 (CENS)--Taiwan's gross domestic product (GDP) will grow at an estimated annual rate of 2.9% in 2013, the third best of the “Four Asian Tigers”, namely Hong Kong, Singapore, Taiwan and South Korea, according to Morgan Stanley.
Hong Kong's GDP is estimated to grow 3.8%, followed by South Korea's 3.7%. Singapore is projected to be the last, with a growth rate of 2.3%.
Morgan Stanley originally gave Taiwan the lowest rate before revising the forecasts.
According to the securities company, Taiwan's economy of 2013 will still depend on developed markets and its 2013 GDP growth will stay below long-term average. It ascribed the below-par growth rate mostly to the lack of brand advantage of the island's industry, making it less attractive to end users worldwide. Also, the island's industries are slow in operation adjustment as a result of non-integrated operation model and the island is over dependent on developed markets, with 51% of exports going to the United States, Europe and Japan.
(by Ken Liu)