TAIPEI - Taiwan's financial authority has downgraded its forecast for the island's gross domestic product (GDP) growth in 2020 to 1.52 percent from 1.92 percent in March.

The agency said earlier this week that the COVID-19 epidemic in the first half weakened local consumption and exports.

The COVID-19 epidemic may continue to hinder economic momentum but, with public spending and vigorous development of the semiconductor industry, Taiwan's economic growth will rebound in the latter half of this year, the statement said.

Taiwan's consumer price index for 2020 was expected to increase by 0.01 percent, the statement said.