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Nomura Adjusted Korea’s Growth Rate Upward

According to Yonhap News,

(Seoul = Yonhap News) Reporter Kim Ji-yeon

Nomura Securities adjusted this year’s growth forecast for Korea’s gross domestic product (GDP) upward from 2.7 percent to 2.9 percent last week.

Senior Korea economist at Nomura Securities Kwon Young-sun noted in a report that the economic forecast for Korea has been improved as demands for consumption and investment are likely to rise by next year.

He added that the Korean government’s decision to expand spending in social welfare and facilitate the asset market will contribute to increased domestic demand.

Nomura also adjusted the growth of private spending to be 1.9 percent from 1.5 percent and the forecast for construction investment from 6.7 percent to 7.1 percent. However, it lowered the forecast for export growth from 6.0 percent to 4.8 percent.

The outlook for next year’s economic growth remained at the level of 4.0 percent.

The Bank of Korea is likely to raise the base interest rate by 25 basis points to 2.75 percent in the fourth quarter of next year, according to Nomura.

Copyrights Yonhap News Agency. All Rights Reserved.

Source Text

Source: Yonhap News (Oct. 18, 2013)

** This article was translated from the Korean.
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