Taipei, Nov. 29 (CNA) Premier Liu Chao-shiuan said Saturday he and President Ma Ying-jeou are studying the possibility of reshuffling the Cabinet.

Related details will be publicized “at an appropriate time” when a decision is made, Liu said.

Liu, however, said the recent resignation of Gordon Chen as chairman of the Financial Supervisory Commission has nothing to do with the possible Cabinet reshuffle.

Unsatisfied with the country’s economic situation since Ma was inaugurated May 20, the opposition Democratic Progressive Party has been pressing the president to replace the premier and to revamp the Cabinet.

According to the latest Directorate General of Budget Accounting and Statistics (DGBAS) report released earlier this month, Taiwan’s economy posted negative growth of 1.02 percent in the third quarter of 2008 and is likely to see further negative growth of 1.73 percent in the fourth quarter.

The DGBAS also forecast that the country’s economic growth will probably stand at 1.87 percent for the whole of 2008 and 2.12 percent for 2009.

The latest forecast marks a significant revision compared with the previous outlook, issued in August before the current global financial crisis became obvious, which projected growth of 4.3 percent for 2008 and 5.08 percent for 2009.

On Friday, the Executive Yuan announced that the premier had approved the resignation of Gordon Chen, who admitted his inability to properly respond to the financial crisis. Sean Chen, chairman of SinoPac Financial Holdings and a former vice minister of finance, will take over the post. (By Y.F. Low)