BOK Maintains 3% GDP Growth But Lowers Projection for Growth in No. of Employed People
The Bank of Korea has maintained its three percent growth forecast for the South Korean economy this year.
According to the central bank's 2018 economic outlook report released after its monetary policy meeting, the country's gross domestic product is set to grow three percent on-year this year, and two-point-nine percent next year.
The figures remained unchanged from its January estimates, as the bank expects exports and facilities investment to stay strong and private consumption to gradually grow.
The bank also forecast that the economy, in the second quarter of this year, is likely to recover from China's economic retaliation against South Korea's adoption of a U.S. anti-missile system.
The bank, however, forecast that the number of employed people will increase by only 260-thousand this year, or 40-thousand less than its January projection.
Source: KBS World Radio