Policy makers need to shift their focus from stimulating growth to guarding against economic excesses and inflation.
If oil stays at $70 or goes higher I would have to consider whether my growth forecasts are too high.
Taiwan's economy has strong fundamentals and is currently enjoying a cyclical upswing. We have a positive outlook for the economy (after the election), forecasting 7 percent growth for the year, and 6.5 percent in 2001.
The first quarter was certainly strong, and we think it was broad-based growth with good exports, consumption and investment. Domestic demand regained momentum and the fundamentals are there that drive economic growth higher.
The details of the revisions also suggest that growth is on a more sustainable footing.