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S.Korean government predicts faster economic growth in second half
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21:27, July 02, 2007 |
South Korean Finance Minister Kwon O- kyu said Monday that the country's economy will grow faster in the second half than in the first half on the back of solid exports and resurgent investment.
"Exports maintain double-digit growth and investment growth has accelerated to a double-digit figure," Kwon said at a meeting with economists in Seoul.
"The economy will do better in the second half than in the first half, as previously anticipated," he added.
The government will boost the economic growth potential in the second half and will manage the economy in a stable manner, Kwon said.
Kwon's remarks follows South Korean Deputy Finance Minister Cho Won-dong's prediction last week that the economy will expand at an upper range of 4 percent in the second half after expanding about 4 percent in the first half.
South Korea's exports grew 15.9 percent year-on-year in June, hitting a record high of 32.3 billion U.S. dollars, on the back of autos, ships and liquid crystal displays, according to government statistics released on Monday.
Industrial output also rose more than expected in May, thanks to increased semiconductor and machinery production, said separate data revealed last week.
According to South Korea's Yonhap News Agency, local economists predicted that South Korea's economy will expand 4.4-4.6 percent this year on an annual basis.
Source: Xinhua
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