GDP reports
SOUTH Korea and Taiwan are due to release their gross domestic product (GDP) numbers for the first quarter (Q1) this week.
ING forecast for Taiwan’s Q1 GDP growth is 5.5% y-o-y, up from 5.1% y-o-y in Q4’20.
It expects a 1% y-o-y GDP growth in South Korea after a contraction in the preceding three quarters.
The research house said Taiwan was a notable exception to an unprecedented economic slump during the Covid-19 crisis as GDP growth remained positive throughout 2020.
South Korea Posco steel factory - filepic
While this had the island economy off to a strong start in 2021, disproportionate benefits of global semiconductor shortages kept exports and GDP growth accelerating.