A leading think tank in Taiwan on Tuesday raised its forecast for the island's economic growth this year, as a recovering global economy buoys the island's export sector.
Taiwan's economy is expected to expand 2.53 percent this year, up 0.35 percentage point from the previous forecast in October thanks to stronger-than-expected export growth on the back of growing global demand, according to the Chung-Hua Institution for Economic Research, a think tank in Taiwan.
The island's exports reached a new high of 28.88 billion U.S. dollars in November, up 14 percent from a year earlier.
The island's economy is likely to grow 2.27 percent in 2018 due to a high comparison base, up 0.07 percentage point from the previous prediction, according to the think tank.
Uncertainties facing economic expansion next year include the pace of U.S. Fed rate hikes, the mainland's economic growth and global commodity price changes.