Taiwan slashes growth forecast amid weak demand, China competition

Taiwan on Friday slashed its growth forecast for 2015 to lower-than-expected 1.56 percent, saying the economy was losing strength due to weak demand from abroad and stiffer competition from China in the tech sector. The figure marked a steep fall of 1.72 percentage points from May when the Directorate General of Budget, Accounting and Statistics made the previous estimate. Traditionally an export-driven technology hub, Taiwan has benefited from Apple's new iPhone6, launched last year.