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BusinessWeek: January 10, 2000 |
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International -- Int'l Figures of the Week
Country Focus/South Korea (int'l edition)
On Dec. 27, the Bank of Korea said it expected real gross domestic product to grow 10.2% in 1999 and 7.2% in 2000, up from projections of 8.8% and 6.4%, respectively, made in October. The BOK also said it expected fourth-quarter GDP to grow 13.6% from a year ago. Korea is rebounding from a recession, during which its economy contracted 5.8% in 1998. The BOK kept its 1999 forecast for consumer inflation at 0.8%, but it lowered its 2000 projection to 3.1%, from 3.8%. The bank said that better-than-expected price containment at the end of 1999 and the won's recent rise vs. the dollar were the reasons for the lowered projection. But analysts believe that higher interest rates also may be necessary to slow demand. Return to top  TABLE Korean Forecast 1999 2000 CONSUMER SPENDING 8.8% 7.5% BUSINESS INVESTMENT 34.3 15.5 CONSTRUCTION -9.2 5.1 EXPORTS 8.7 10.1 IMPORTS 27.9 23.0 DATA: BANK OF KOREA Return to top TABLE Korean Forecast 1999 2000 CONSUMER SPENDING 8.8% 7.5% BUSINESS INVESTMENT 34.3 15.5 CONSTRUCTION -9.2 5.1 EXPORTS 8.7 10.1 IMPORTS 27.9 23.0 DATA: BANK OF KOREA Return to top | |
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