Photo : YONHAP News
The Korea Development Institute(KDI) has raised the nation’s economic outlook for this year to four percent.
In a biannual outlook released on Thursday, the state-run think tank painted a rosier picture on the back of better-than-expected economic performances in the first three quarters, increasing this year’s growth forecast by zero-point-two percentage points from May.
The institute maintained its outlook for 2022 at three percent, saying private consumption will continue its slow pace of recovery and grow three-point-nine percent next year compared to an estimated growth of three-point-five percent this year.
Amid concerns over growing inflationary pressures, the KDI raised its inflation expectations for this year and the next by zero-point-six percentage points each from its earlier forecast to two-point-three percent and one-point-seven percent.
An increase in raw material prices will slow from mid next year, it said.
State-run Think Tank KDI Ups 2021 Growth Outlook to 4%, Keeps 2022 Forecast at 3%
Source: Matira Matibay
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