South Korean economy expected to grow in 2013
Seoul, Nov 25 (IANS) The South Korean economy is expected to grow three percent next year due to gradual improvement in exports and domestic demand, but the growth will be limited amid the expected global economic slump, a state?run think tank said Sunday.
Asia's No.4 economy is forecast to expand at an annual rate of 3 percent, lower than an earlier estimate of 3.4 percent made in September, according to a report by the state?run Korea Development Institute (KDI).
The thinks tank said the economy will grow at a faster pace next year than this year when the annual growth rate was expected to post 2.2 percent, noting that the faster pace of expansion would be attributable to a modest recovery in both exports and domestic demand, reported Xinhua.
The KDI, however, noted that the 2013 growth would be limited due to lingering external uncertainties such as the eurozone fiscal crisis and the global economic slump. The economy will grow at an annual rate of 2.2 percent in the first half of next year amid the external uncertainties, but the growth pace will rise to 3.7 percent in the second half.
Private consumption was expected to increase by 2.7 percent in 2013 on an on?year basis due to stable terms of trade and the enhanced purchasing power stemming from the ascent of the local currency against the greenback.
The 2013 outlook for the facilities investment growth was set at 5.3 percent, with the figure for investment in the construction sector being placed at 2.3 percent.
The current account surplus was projected to reach $30.4 billion in 2013, down from the expected surplus of $37.7 billion for 2012. The surplus reduction would arise mainly from the continued appreciation of the South Korean won against the dollar.
The consumer price inflation was forecast to stay at a relatively low level of 2.3 percent in 2013 due to the weaker demand?side inflationary pressures from the modest economic recovery as well as the stabilization of the supply?side pressures.
Read More: South Korea | South Delhi | South West Delhi | South Goa | South 24 Parganas | South Dinajpur | South Sikkim | South Garo Hills | South Tripura | Patel Nagar South | South Avenue | South Malviya Nagar | South Delhi Campus | New Delhi South Ext-ii | South City-i | South City-ii | South Civil Lines | Tirupati South So | Puttur South So | Banaganapalle South Tso
TWO HELD FOR RAPING NURSE IN HOTEL
August 18, 2014 at 10:10 PM
MIDAS TOUCH GONE, MSD FACES CRICKET FANS WRATH
August 18, 2014 at 9:50 PM
INDIA, PAKISTAN WALKING THE TALK IS GOOD SEPERATIST LEADER
August 18, 2014 at 9:13 PM
Arun Jaitely on Indo-Pak secretary level talks called off
August 18, 2014 at 9:04 PM
Calling off Foreign Secretary level talks between India and Pak unfortunate: Shabir Shah
August 18, 2014 at 9:04 PM
Zoroastrians celebrate their New Year day across India
August 18, 2014 at 9:03 PM