Korean Economy Forecasted to Make Rapid Recovery

Two influential foreign financial companies are forecasting a faster recovery for the Korean economy than earlier estimates.
According to the Bank of Korea (BOK), on March 15, Morgan Stanley and Merill Lynch feel that the likely prospects for Korea's economic growth rate will be higher than predicted and a noticeable rise will occur in one to three months.
In its 'Report on the Korean Economy' released last week, American-based Morgan Stanley changed its growth rate prediction for the Korean economy from negative 0.4 percent, made in February, to a positive 2.5 percent.
Merill Lynch, earlier this month, also upgraded forecasts on Korea's economic growth rate from 2.0 percent to 2.2 percent.
An offical at the BOK stated, 'Foreign investors' reassessment of the economic growth rate is a better indicator of Korea's rapid recovery.'