Bloomberg reports that South Korea raised its economic forecast for this year by a wide margin on expectations for record exports and a rebound in consumption as vaccination levels rise.
The country’s gross domestic product is expected to grow 4.2% this year, a full percentage point higher than the previous projection at the end of last year, the finance ministry said. Inflation will probably reach 1.8%, the ministry said, up from its earlier expectation of 1.1%.
The government’s forecasts are more optimistic than the central bank’s, as the expected spending from an upcoming extra budget was reflected. The ministry sees employment rising by 250,000 this year, while the Bank of Korea sees just over a half of that.
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