[KOREAN ECONOMIC NEWS] Good morning, everyone. I’m Kim suhyeon staff of Kamagroup Pvt. Ltd. Here I have an important Korean economic news to share with you which is as undermentioned.
Economists have raised the alarm on the weakening growth momentum of the Korean economy, calling on the government to take steps to prevent the country f rom being stuck in a prolonged slowdown.
Local research institutes predict that Asia’s fourth-largest economy will next year expand at a slower pace than its annual potential growth rate, which is estimated by the Bank of Korea to be around 2.8-2.9 percent. The potential growth rate refers to the maximum growth an economy could achieve through the input of all factors of production without prompting inflation.
In their reports released last month, the LG Economic Research Institute and the Hyundai Research Institute predicted that the country’s economy would grow 2.5 percent and 2.6 percent next year, respectively.
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