Business News
South Korean economy expected to grow 5 per cent in 2011
Dec 14, 2010, 11:24 GMT
Seoul - South Korea's gross domestic product is likely to grow by 5 per cent in 2011 on the back of stronger domestic demand and the global economic recovery gathering speed, the Finance Ministry said Tuesday.
For 2010, the ministry predicts 6.1-per-cent GDP growth, following 0.2 per cent the previous year.
Ministry of Strategy and Finance said the forecast suggested that Asia's fourth-largest economy was still facing tough conditions and uncertainty despite its recent fast recovery, the Yonhap news agency said.
The government prediction is more optimistic than a forecast issued by the Bank of Korea last week, which said GDP was to increase by 4.5 per cent.
Exports are to increase by around 10 per cent in 2011, the ministry said, after a 29-per-cent rise this year. Inflation is forecast to be at 3 per cent, after 2.9 per cent in 2010.
South Korea's economy slowed in the third quarter as exports lost steam. Its GDP increased by only 0.7 per cent compared with the previous quarter. In 2009, the rise had been 1.4 per cent.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
