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Home > mk Business News >> Economy 프린트 이메일 전송 리스트
Goldman Sachs revises down S. Korea’s economic forecast to 2.9 pct
2013.04.16 14:02:50 | 2013.04.16 16:14:48
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Goldman Sachs cut South Korean economic growth forecast for 2013 and 2014 by 0.2 percentage points and 0.3 percentage points, each, to 2.9 percent and 3.6 percent, respectively.

Meanwhile, Goldman Sachs revised up its three-month forecast for the won-dollar exchange rate 10 won from the previous one to 1,110 won.

[Goldman Sachs revises down S. Korea’s economic forecast to 2.9 pct] 기사의 본문 이미지

The trend of yen weakness will persist as a result of Japan’s bold monetary easing policies, said a high-ranking official of Goldman Sachs Tuesday.

Its estimate of the dollar-yen exchange rate climbed for the end of this year by 15 yen from 95 yen to 110 yen.

The ongoing yen depreciation trend may hurt Korea’s export and investment, which will result in Korea’s nascent economic recovery, expected the official.

Even when Japan’s domestic consumption picks up momentum, little will be changed as Japanese domestic consumption has little connection with Korea’s exports, said the official.

The official added Korea’s economic growth for the first quarter (Q1) of this year was weaker than expected.

Goldman Sachs had also revised downward the estimate of the nation’s economic growth in January based on yen’s slide.

Goldman Sachs revised up its estimate of the won-dollar rate 10 won (three-month forecast), 30 won (six-month) and 40 won (12-month), each, to 1,110 won, 1,110 won and 1,090 won.

[Written by Jieun Lee / edited by Soyoung Chung]

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