Gloomier Economic Forecasts
Most foreign brokerage firms operating in Korea have revised their growth estimates for the domestic economy downward to the 3-percent level. This is lower than the 4-6 percent range predicted for this year by the government and the 4.5-percent projections of public and private think tanks.Merrill Lynch has lowered its projection for Korea's economic growth from 4.7 percent to 3.8 percent. Goldman Sachs & Co said recently that Korea's economy will grow 3.5 percent this year and 5.5 percent in 2002. JP Morgan Chase & Co. has projected that the economy will expand 3.5 percent this year and 4.9 percent in 2002.
"Growth may be a little more sluggish than expected," a Bank of Korea official said. "Economic indicators are not looking too good, due to the bad economic situation in the United States."
with the Korea JoongAng Daily
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