Employers’ outlook for Q3 economy improves, 50% of firms plan to raise wages: survey

TAIPEI, June 19 (CNA) Employers in Taiwan accepted an improving outlook for the local economy in the third quarter of this year, according to online job bank yes123.

Citing a survey conducted from May 25 to June 8, 35.1 percent of yes123 polled respondents said they were optimistic that the local economy would improve in the third quarter from the previous quarter, while 15 percent thought the economy would worsen in the April-June period. , 49.9 percent expect the economy to be little changed.

The figures translated into a net confidence ratio of 20.1 percent, higher than 18.1 percent in the second quarter and the highest since the second quarter of last year when the net confidence ratio was 25.3 percent, Job Bank said.

Job Bank further said that the net confidence ratio for the third quarter of this year rose at a more significant pace compared to the figure of 8.5 per cent in a similar survey conducted in the third quarter of last year.

Yes123 spokesperson Bingo Yang (楊宗斌) said the growing net confidence rate means employers expect the local economy to bottom out in the first half of the year and are optimistic about the second half as exports pick up.

According to a forecast by the Directorate of Budget, Accounting and Statistics (DGBAS) in May, Taiwan’s economy is expected to grow by 2.04 percent in 2023, down from its previous estimate of 0.08 percent in February.

After a contraction of 2.87 percent in the first quarter, the economy is expected to return to growth of 1.82 percent, 3.18 percent and 5.77 percent in the second, third and fourth quarters respectively, DGBAS said.

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However, the local central bank appeared more cautious last week as it cut its forecast for Taiwan’s GDP growth to 1.72 percent from a previous estimate of 2.21 percent in March.

Amid growing optimism about the economy, about 49 percent of employers said they planned to raise wages for employees in the second half of the year, up from 44.8 percent in a similar survey last year and 18.5 percent in a similar survey. Conducted in 2021.

According to this year’s survey, 39 percent of employers said they plan to offer bonuses in the second half of the year, up from 36.3 percent in a similar survey last year and 25.3 percent in another poll in 2021.

In the face of talent shortages, 92.4 percent of employers will begin a hiring campaign in the third quarter, up from 91.2 percent in the second quarter, and 77.7 percent in the third quarter last year.

The hospitality, leisure and tourism sector is more interested in recruitment (97.5 per cent of companies looking to hire) than retail, wholesale and trade businesses (96.4 per cent), transport and warehousing (95.1 per cent), according to the Job Bank. Technology/Information (94.3 percent), and Finance/Insurance/Accounting (93.5 percent).

The survey had a 95 percent confidence level and a margin of error of plus or minus 3.12 percent, the Job Bank said.

(Liu Hsien-Ling and Francis Huang)


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