TAIPEI -- The Taiwan Institute of Economic Research on Thursday cut its forecast for the island's economic growth in 2012 to 2.41 percent, citing the eurozone debt crisis, global economic uncertainty and Taiwan's weak exports in the second quarter this year.

The figure was lower than the institute's previous forecast of 3.48 percent and 3.96 percent made in April and January, respectively.

This revised forecast came after the Chung-Hua Institute for Economic Research, another think-tank on the island, downgraded Monday its forecast for Taiwan's 2012 economic growth to 2.36 percent from the 3.55 percent in April.

Earlier this month, Academia Sinica, the highest academic institution on the island, lowered on July 18 its forecast for Taiwan's economic growth this year from 3.81 to 1.94 percent.

According to figures released by the island's statistics authorities Friday last week, the value of export orders received in Taiwan, an indicator of shipments in the next one to three months, dropped 2.62 percent in June from a year earlier amid weak global demand, marking the fourth consecutive month that export orders had posted negative annual growth.

During the first six months, Taiwan received export orders worth 212.75 billion U.S. dollars, down 0.91 percent from a year earlier.