Most Popular
-
1
Actor Jung Woo-sung admits to being father of model Moon Ga-bi’s child
-
2
Wealthy parents ditch Korean passports to get kids into international school
-
3
Man convicted after binge eating to avoid military service
-
4
First snow to fall in Seoul on Wednesday
-
5
Final push to forge UN treaty on plastic pollution set to begin in Busan
-
6
Industry experts predicts tough choices as NewJeans' ultimatum nears
-
7
Nvidia CEO signals Samsung’s imminent shipment of AI chips
-
8
Korea to hold own memorial for forced labor victims, boycotting Japan’s
-
9
Job creation lowest on record among under-30s
-
10
Opposition chief acquitted of instigating perjury
The state-run Korea Development Institute lowered its forecast of South Korea’s economic growth for this year to 3.6 percent on Sunday, citing global economic uncertainties.
The latest projection is down from the 3.8 percent made by the KDI in November and lower than the government’s estimate of 3.7 percent. The think tank also predicted the country’s economic growth to rise to 4.1 percent next year.
“The South Korean economy has been stuck in a slowdown since the second half of last year due to weakened domestic and overseas demand stemming from global economic uncertainties,” the KDI said.
However, Asia’s fourth-largest economy is expected to post solid recovery from the latter half of this year, with the growth rate rising to the 4 percent range next year thanks to a gradual global economic recovery, it said.
According to the KDI, South Korea’s exports are predicted to expand 3.6 percent on-year in 2012, a pace similar to that of last year.
Private consumption will likely to increase 2.7 percent this year from a year earlier, backed by greater corporate employment and a slowdown in the rise of crude prices.
Corporate capital spending is expected to increase 8.1 percent in 2012 on reduced economic uncertainties at home and abroad, and a low base of comparison last year.
South Korea’s trade surplus will likely reach $18.3 billion this year, with consumer prices forecast to rise 2.5 percent on-year.
The country’s jobless rate is predicted to stand at 3.4 percent this year, with the figure likely to fall to 3.3 percent next year, according to the think tank. (Yonhap News)
The latest projection is down from the 3.8 percent made by the KDI in November and lower than the government’s estimate of 3.7 percent. The think tank also predicted the country’s economic growth to rise to 4.1 percent next year.
“The South Korean economy has been stuck in a slowdown since the second half of last year due to weakened domestic and overseas demand stemming from global economic uncertainties,” the KDI said.
However, Asia’s fourth-largest economy is expected to post solid recovery from the latter half of this year, with the growth rate rising to the 4 percent range next year thanks to a gradual global economic recovery, it said.
According to the KDI, South Korea’s exports are predicted to expand 3.6 percent on-year in 2012, a pace similar to that of last year.
Private consumption will likely to increase 2.7 percent this year from a year earlier, backed by greater corporate employment and a slowdown in the rise of crude prices.
Corporate capital spending is expected to increase 8.1 percent in 2012 on reduced economic uncertainties at home and abroad, and a low base of comparison last year.
South Korea’s trade surplus will likely reach $18.3 billion this year, with consumer prices forecast to rise 2.5 percent on-year.
The country’s jobless rate is predicted to stand at 3.4 percent this year, with the figure likely to fall to 3.3 percent next year, according to the think tank. (Yonhap News)
-
Articles by Korea Herald
