KDI Projects Lower Growth Next Year

  • By Park Yu-yeon

    December 07, 2017 11:19

    The state-run Korea Development Institute forecasts that the country's economic growth will slow next year due to weakening investments and a decline in new hires.

    "Although exports are growing and private spending is improving, the economy is expected to achieve 2.9 percent growth next year as investments slow."

    The projection contrasts with forecasts from other agencies like the International Monetary Fund and OECD, which expect Korea's GDP to grow in the three-percent range.

    But the KDI pointed out that Korea's recovery is unbalanced. "Growth in exports is heavily focused on semiconductors. Since the effects are not distributed evenly, employment conditions are showing no signs of a broader improvement," it said.

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