Taiwan tunes up GDP forecast for 2014

Taiwan on Tuesday edged up projection of its GDP growth to 2.82 percent in 2014 amid optimism about the global and domestic economy. The figure is slightly above the previous forecast of 2.59 percent, and higher than the 2.11 percent recorded last year, according to a report by the island's statistics authority. The report said economic recovery in developed nations and an improved consumption environment in Taiwan are expected to perk up the island's exports, imports and domestic consumption. The forecast, however, fell below the widely expected 3-percent level, as officials said the island's economic expansion would still be hindered by weak export growth.