Citing Taiwan's improving consideration for domestic demand, Credit Suisse Securities posted Friday that it has raised its forecast for Taiwan's economic growth this year to 6.7 percent, compared with a previous speculation of 4.8 percent.

Taiwan's Government revised its economic growth forecast for this year raising it from 4.72 percent to 6.14 percent Thursday after gross domestic product (GDP) growth for the first quarter touched 13.27 percent year-on-year, marking a 31-year high.

Despite of the uncertainties over the European debt crisis, Taiwan's strong growth pace in the first quarter is also speculated to boost growth in the second and third quarters, and the country's trade performance could also improve.

In addition to adjusting its forecast for this year, the Company also raised its forecast for next year to 4.5 percent.

Also, the Company also speculated the Taiwan's central bank to increase its rediscount rate next year, and the New Taiwan dollar is forecast to strengthen against the U. S. dollar to NT$31 by the end of this year.

The Company also augured that Taiwan's consumer price index (CPI) will register a year-on-year growth of 2.5 percent next year.