TAIPEI: Taiwan’s economy is looking at another gloomy year ahead as the government on Wednesday cut growth forecasts in the face of subdued international demand for exports. The growth prediction for 2016 has been slashed from 2.32

per cent to 1.47 per cent after a worse-than-expected 2015 saw the island sink into recession at the end of the year. The pessimistic forecast comes the day after Taiwan’s finance ministry said shipments for January had slumped 13 per cent year-on-year in the longest consecutive period of decline since 2009. Among the hardest-hit areas is electronics — the biggest category of exports for Taiwan, traditionally a technology manufacturing hub.