Taiwan's financial authorities and local think tanks have downgraded their forecasts for the island's GDP growth for 2023 to less than 3 percent.

The Taiwan-based Chung-Hua Institution for Economic Research (CIER) estimated that the island's GDP growth for 2022 would stand at 3.04 percent, while the figure for 2023 would be 2.72 percent.

The Taiwan Institute of Economic Research predicted a growth rate of 2.91 percent for 2023 and 3.45 percent for 2022.

Meanwhile, the island's statistics agency put Taiwan's GDP growth for 2022 at 3.06 percent, with growth in 2023 revised down from an August prediction to 2.75 percent.

The CIER attributed the grim forecast to the decrease in international trade triggered by the global economic slowdown. In addition, the island's monetary authority said that the continuous reduction in exports over the past three months has adversely affected investment incentives in the private sector.

(Cover photo via CFP)