Deputy Prime Minister and Finance Minister Hyun Oh-seok has predicted the nation’s economic growth would achieve the mid-three percent range late this year.
During a discussion organized by Korea Broadcasting Journalists Club on Wednesday, the finance minister said the economy would grow in the mid-three percent range year-on-year (yoy) if domestic consumption is revitalized, buoyed by policy effects of the first half (H1) of this year and export growth is expected to reach the five percent range in H2 of this year.
The government said late June that its economic growth outlook for full 2013 is at 2.7 percent with the mid-three percent range for H2.
It marks the first time that the finance minister narrowed the projection range from the previous three percent range. A government official said the three percent range projection is fairly conservative, but the finance minister’s use of the mid-3 percent range shows his confidence about economic recovery.
His confidence came from higher expectations of upturn trend in shipbuilding and semiconductor exports. The government’s recent data showing the export growth outlooks in the private sector was mostly in the six percent range also played a part.
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