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Korean Economy to Grow 3.4 pct in 2013: Think Tank
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The South Korean economy is forecast to make a modest rebound and expand by 3.4 percent on-year in 2013 due to a steady growth in exports, a local private think tank said Monday.

"Exports will slightly turn around next year to steer the economy to a modest growth," said LG Economic Research Institute in a report.

A growth rate of 3.4 percent growth for Asia's fourth-largest economy represents a rebound from an estimated 2.2 percent growth for 2012 due mainly to sluggish trade.

Trade surplus, however, is forecast to decrease from US$42.9 billion for this year to $27.3 billion in 2013, added the institute.

Domestic consumption will rise 2.7 percent on-year next year, up from an estimate of 1.7 percent for 2012, and facility investments will make a rebound to 3 percent in 2013 from a 1.1 percent drop for this year, it said.

The think tank also predicted consumer prices will move at a steady pace of 2.7 percent on-year, while the estimated number of new jobs will fall from 450,000 to 200,000 next year.

The central bank is expected to lower the key rate in the first half of the year and the local currency will hover around 1,050 won against the U.S. dollar, said the institute.

"The economy seems to recover in 2013, but it will grow at a slower pace in than the past," said the think tank in the report. "The government should take measures to boost the economy including front-loading fiscal spending."

Source Text


Source: Yonhap News (Dec. 17, 2012)

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