April 13, 2010 10:59
The Bank of Korea on Monday raised the country's economic growth forecast from 4.6 percent to 5.2 percent on the back of expectations for a rapid recovery in the global economy and robust Korean exports.
The outlook is lower than the 5.5 percent expansion forecast by the state-run Korea Development Institute, but higher than the government's 5 percent prediction and the 4.3 percent to 4.6 percent forecasts made by private economic research institutes.
"The global economy is recovering at a faster rate than we had expected, and we believe the private sector will account for the bulk of this year's growth," said Lee Sang-woo, head of research at BOK.
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