We maintain our forecast for Taiwan s construction industry to grow by -.- y-o-y in ---- as the lifting of housing restrictions by the central bank has a gradual impact on house prices. However, housing transaction volumes are unlikely to pick up significantly despite the lower prices as the economy continues to feel the impact of the ongoing economic slowdown in China while prices remain considerably elevated. ...Continued government investment in the sector will also see the sector grow by - in ---- as the government maintains its commitment to develop the transport system. � We maintain our expectations for the government to increase its investment in renewable energy and strengthen investment in coal and gas plants as the country continues to face periodic electricity shortages from conventional sources. Furthermore, efforts to phase out nuclear by ---- will face headwinds as this will require increasing the country s energy efficiency as well as developing alternative sources of energy. We expect growth to average -.- over the next decade, marking a steady longer-term growth rate. However, headwinds from the residential and non-residential sectors will see the industry continue to grow at a slow pace in ----.
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...Taiwan is disproportionately dependent on exports in the tech sector. As these fall dramatically, the Taiwanese dollar is weakened. ...As these fall dramatically, the Taiwanese dollar is weakened. Even small-scale fluctuations in currency exchange rates tighten the noose around ailing local exporters. The government s fiscal stimulus injections are likely only to have a marginal impact on headline growth and the funds are taking time to filter through to the construction sector. ...Even small-scale fluctuations in currency exchange rates tighten the noose around ailing local exporters. The government s fiscal stimulus injections are likely only to have a marginal impact on headline growth and the funds are taking time to filter through to the construction sector.
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