Photo : YONHAP News
The government expects the economy will grow by three-point-one percent next year on rising exports and investment and a recovery in domestic demand.
Announcing its economic policy direction on Monday, the government forecast private spending to grow three-point-eight percent on the back of improved employment and higher income.
It also projects two-point-two percent inflation and the number of employed people to increase 280-thousand.
Exports are expected to expand by two percent, led by cars, especially eco-friendly vehicles.
Imports are expected to rise two-point-five percent next year with a current account surplus of 80 billion dollars. The surplus is smaller than this year as rising global oil costs and a larger travel deficit have been factored in.
As for this year, the government forecasts a four percent growth. The outlook for this year is slightly down and that of next year slightly up from the previous forecast made in June.
The latest projections are based on a gradual recovery of daily life from the pandemic which is currently on hold due to a new surge in cases.
S. Korea Economy Expected to Grow 3.1% in 2022
Source: Matira Matibay
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