The Directorate General of Budget, Accounting and Statistics (DGBAS) revised upward Taiwan's projected economic growth for 2010 to 8.24 percent Thursday -- the highest level in 21 years -- on the back of strong economic recovery. The following are excerpts from the local media coverage of the issue: United Daily News: According to DGBAS Minister Shih Su-mei, the main reason for the revision is Taiwan's better-than-expected economic performance in the second quarter, when growth reached 12.53 percent. This marked the third straight quarter in which positive growth was recorded and the second consecutive quarter of double-digit increase. Su said both exports and investment by the semiconductor sector beat expectations. An increase in domestic demand also fueled a big boost, contributing 6.33 percentage points to the growth, she said. (Aug. 20, 2010). China Times: The growth projection of 8.24 percent for 2010 is the second-highest among Asia's 'four little dragons, ' after Singapore's 13 percent to 15 percent. The DGBAS predicted that Taiwan's export volume will hit a record high of US$271.3 billion this year. Private investment, meanwhile, is expected to increase by 23.4 percent to reach NT$2 trillion, the highest level since 2004. Gross national product per capita is projected at a record high of US$18,565, up more than US$1,000 from last year. Tsai Hung-kun, chief of the DGBAS's Third Department, however, mentioned some uncertainties that could slow down economic growth in the second half of the year. These include tightening of international monetary policy, termination of economic stimulus measures, and tightening measures likely to be adopted by emerging countries to prevent asset bubbles, he said. (Aug. 20, 2010). Commercial Times: Tsai said the cross-Taiwan Strait economic cooperation framework agreement is gradually producing its effect, with the tariff reduction for China-bound exports expected to boost Taiwan's economic growth by 0.4 percentage points in 2011. The DGBAS forecast a 4.64 percent economic growth for Taiwan in 2011. (Aug. 20, 2010). 