South Korea to Grow 3 Percent
South Korea to Grow 3 Percent

South Korea to Grow 3 Percent

South Korea to Grow 3 Percent

The Organization for Economic Cooperation and Development has predicted South Korea’s economy will grow 3% this year, holding on to its earlier outlook, Yonhap reported. In a biennial report published on the South Korean economy on Wednesday, the OECD said the fourth largest Asian economy will grow at 3% for both this and next year. The organization highly assessed the Moon Jae-in administration’s income-led growth initiative, saying a minimum wage hike and welfare expenditure expansion would contribute to household income growth and private consumption expansion. However, it said the country needs to enhance labor productivity. It also pointed to the nation’s excessive dependence on particular industries, including semiconductors, as its risk factor along with possible expansion of trade protectionism and high household debt. Meanwhile, global rating agency Moody’s Investors Service says uncertainty surrounding the geopolitical risks on the Korean Peninsula remains even after a recent detente in relation to North Korea. Christian de Guzman, vice president at Moody’s, made the assessment in a media briefing on Wednesday, arguing that geopolitical risk is the main constraining factor for South’s sovereign rating.

Short URL : https://goo.gl/6LtgiS
  1. https://goo.gl/gZ2FXS
  • https://goo.gl/CrvrBR
  • https://goo.gl/3ZX5Ga
  • https://goo.gl/iaa3RB
  • https://goo.gl/qcbTYK

You can also read ...

French Foreign Minister Jean-Yves Le Drian addresses CEDRE Conference in Paris on April 6, with Lebanese Prime Minister Saad Hariri on his right.
With the FIFA World Cup over and French victory secured,...
Dubai’s new business licenses in the second quarter of 2018 were down 26% from the same period in 2016.
In Dubai’s posh Jumeirah Beach residence district, luxury...
Handout picture shows IMF Managing Director Christine Lagarde on a screen as she speaks  during the G20 meeting taking place in Buenos Aires, on July 21.
The International Monetary Fund warned world economic leaders...
Germany Lifts Turkey Sanctions
Germany has lifted economic sanctions on Turkey and relaxed...
Farnborough Airshow Announces $192b in Orders
England’s Farnborough airshow this week saw deals worth $192...
Australia  Faces Massive Economic Crash
Australia is facing an economic shock akin the global...
IFC to Inject $2 Billion in Egypt’s Private Sector
International Finance Corporation, a member of the World Bank...
According to a survey, 75.3% are facing difficulties in running their businesses this year.
South Korea’s major business lobby said Sunday it will file an...

Add new comment

Read our comment policy before posting your viewpoints