Taiwan to unveil new stimulus plan

Taiwan will announce stimulus measures this week after the country was forced to lower its growth forecast for 2013, Bloomberg reported. Taiwan’s GDP is projected to grow at 2.4% this year, down from an earlier estimate of 3.59%. A spokeswoman for Taiwan’s cabinet said the proposed stimulus plan would include various measures to boost domestic consumption and encourage stock market growth. Taiwan’s President Ma Ying-jeou said he is seeking closer ties with China to assist in economic growth including the signing of a service-trade agreement. The Taiwan dollar closed 0.2% higher against the US dollar at NT$29.971 on Monday, having slipped almost 3% this year.