The Korea Development Institute (KDI) raised its growth outlook for this year from 3.1 percent to 3.8 percent. However, a sluggish vaccine program and weakness in the domestic market continue to be major risks to robust growth.
The Asian Development Bank (ADB) on Wednesday predicted Korea’s economy will expand 3.5 percent this year, an improvement over the 3.3 percent projected in December.
The International Monetary Fund (IMF) raised Korea’s economic outlook for this year to 3.6 percent.
The Organisation for Economic Cooperation and Development (OECD) slightly lowered its forecast for Korea’s 2020 economic growth.
The IMF has joined other think tanks in raising Korea’s economic growth outlook for this year after the government's successful efforts to control the coronavirus outbreak.
The Bank of Korea significantly lowered its 2020 GDP growth forecast from negative 0.2 percent to negative 1.3 percent, factoring in the latest wave of Covid-19 infections.
Analysts are lowering economic projections for Korea following the spike of Covid-19 cases.
An economy is all about psychology. When optimism is in the air, consumption increases and that fuels economic vitality. On the flip side, if pessimism prevails, the economy can make a 180-degree turn astonishingly quickly. Boom...
The job market is expected to worsen in the second half of this year, especially at small and mid-sized companies, as uncertainty over the impact of the Covid-19 pandemic continues.