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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan president vows to avert recession: report AFP - Saturday, November 22 TAIPEI (AFP) - - Taiwanese President Ma Ying-jeou has pledged to save the island's flagging economy amid mounting recession concerns after the government announced weak economic data, a report said Friday. "Recession is the main issue now ... the cabinet team should use its utmost strength to overcome the barrier," Ma said in an interview with the United Evening News. "We have to remain calm and confident. Taiwan isn't hurt to the bones and we have the capabilities to rebound," he said. Ma, of the China-friendly Kuomintang, also renewed an invitation to discuss economic issues with opposition leader Tsai Ing-wen of the Democratic Progressive Party (DPP). "I hope political parties will put aside their differences to discuss issues of national importance at this downturn in order to save Taiwan's economy." Taiwan has launched a string of initiatives since Ma took office in May aimed at boosting investment and spending, including an economic stimulus package worth 5.6 billion US dollars and a shopping voucher scheme totalling 2.5 billion. The government is also considering rescue packages for "key industries whose collapse could drag down the financial system," Ma said without elaborating. Economic officials have said they are formulating such plans for the island's struggling automakers. The interview was published one day after government data showed that Taiwan's economy contracted in the third quarter, in the first warning sign of recession since 2001. The island's GDP fell 1.02 percent in the three months to September from a year earlier, defying forecasts of modest growth, due to weak domestic and external demand, officials said. The government expected GDP to fall another 1.73 percent in the fourth quarter and cut its 2008 full-year GDP growth projection to 1.87 percent from the previous 4.30 percent. The economic contraction prompted Ma to apologise in a television interview on Thursday for apparently being unable to meet his campaign promise of reaching six percent annual economic growth. Ma swept to a landslide victory in March on pledges to improve the island's sluggish economy, vowing to achieve the six percent growth, without giving a timeframe. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy World economic situation 'grim,' says China's HuAFP - Saturday, November 22 Bush bows out, China assertive at APEC summitAFP - Saturday, November 22 Job slashing heightens global recession fearsAFP - Saturday, November 22 European stocks drop as Dow erases early gainsAP - Saturday, November 22 Related Articles: Business Venezuelan oil falls to lowest price in 22 monthsAP - 37 minutes ago Wal-Mart names Duke to succeed Scott as CEOAP - 43 minutes ago Pressure on Citigroup builds, shares fall below $4AP - 54 minutes ago Wall St Week Ahead-Stocks eye Citigroup, Geithner's next movesReuters - 58 minutes ago Dow ends up nearly 500 on Geithner treasury reportAP - 54 minutes ago Enlarge Photo Taiwan president vows to avert recession: report Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Wall Street plunges again as panic spreads Oil prices slump under $50 per barrel World stocks dive as panic spreads Is superfood omega-3 keeping its promise? New strain of deadly Ebola virus discovered View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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