Think Tank Forecasts 2.2% Growth Next Year

      November 06, 2012 13:48

      Korea's economy will grow a mere 2.8 percent next year, the Korea Institute of Finance forecast on Monday. This is the lowest growth outlook by all private and public institutes in the country.

      The Bank of Korea sees growth at 3.2 percent and the Korea Development Institute at 3.4 percent.

      The KIF cited sluggish export growth and domestic consumption resulting from global uncertainty and a slow recovery in major economies. It predicted growth for this year at a mere 2.2 percent, also lower than the BOK's 2.4 percent and the KDI's 2.5 percent.

      The institute said the country's economic growth in the first half of this year was 2.5 percent but will drop to 1.9 percent in the second half.

      It predicted consumer prices will be stabilized at around 2.6 percent next year because demand pressure will dwindle due to the slow economy. The current account surplus for next year was forecast at US$31.7 billion, similar to this year's estimate of $32.8 billion.

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