The state-funded research institute has downgraded its projection for the Korean economy's growth to 2.1 percent next year on the back of potential pressure stemming from the economic policies of the incoming Donald Trump administration.
Outstanding household debt set a new record in the third quarter of this year at 1.91 quadrillion won as housing transactions surged in July.
The time has come for the government to do what must be done instead of resorting to makeshift measures like banning short selling or abolishing tax on financial income.
Finance Minister Choi Sang-mok indicated a possible cut to the government’s growth forecast for this year after Korea’s economic growth remained tepid in the third quarter, warning against burgeoning downside risks.
Korea's economic growth came nearly flat in the third quarter amid weakening exports, casting a shadow over the country’s growth outlook for the year.
Korea’s economy remained almost flat in the third quarter, inching up by 0.1 percent, following a 0.2 percent contraction in the previous quarter.
Korea pulled off a major surprise with a 0.4-percentage-point-or-higher uptick in its growth projections by various economic institutions at home and abroad, one of the steepest among advanced economies.
Korea’s gross national income (GNI) grew 2.4 percent in the first quarter, the biggest jump in 8 years, outpacing the economic growth of 1.3 percent.
The KDI raised its growth forecast to 2.6 percent due to strong exports, in line with OECD projections.
Korea JoongAng Daily Sitemap
