eseoulpost
DomesticEconomy
S. Korean economy to grow in mid-2 pct range in 2019: poll
min  |  min
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
승인 2018.12.30  
트위터 페이스북 미투데이 요즘 네이버 구글 msn
   
 

SEOUL, Dec. 30 (Yonhap) -- South Korea's economy is expected to grow in the mid-2 percent range in 2019 as exports, private consumption and construction-related investment are expected to take a hit, a poll carried out on the heads of local think tanks showed Sunday.

 The survey conducted by Yonhap News Agency on seven leading economists, such as Choi Jeong-pyo, president of the Korea Development Institute (KDI), and Chang Ji-sang, head of the Korea Institute for Industrial Economics and Trade (KIET), showed growth predictions ranging from as high as 2.7 percent to as low as 2.4 percent, with most bracing for a slowdown in GDP compared with 2018.

 South Korea's finance ministry is maintaining its growth outlook of 2.9 percent for this year, although the Bank of Korea has trimmed the target to 2.7 percent.

Others checked were Sohn Sang-ho, the president of the Korea Institute of Finance; Lee Dong-geun, the head of Hyundai Research Institute; Kwon Tae-shin of the Korea Economic Research Institute (KERI); and the acting director of the Institute for the Future of State Kim Do-hoon.

 KDI's Choi said while outbound shipments are expected to slow down, the country's GDP may advance 2.6 percent on-year, which will fall shy of the country's potential growth rate of 2.7-2.8 percent.

The KERI chief said the economy has already entered a downward cycle, with growth falling as low as 2.4 percent due to weaker exports and consumption restricting gains overall.

 Other research institute heads said that while exports are estimated to have expanded by some 6 percent in 2018, numbers will likely fall to the 2-3 percent range in the new year, mainly due to the slowdown in the global economy and fall in prices for semiconductors and refined petroleum products. The two items have led export growth this year on strong overseas demand.

 On the domestic front, the research institute chief said investment in construction will fall for the second straight year that can further impair growth.

 On the plus side, KIET's Chang said there are signs of recovery in the country's shipbuilding sector that had been struggling with a slump in recent years, while Lee who heads one of the largest private research organizations forecast a rebound in facility investment that will help the economy.

 "While facility investment have fared badly, this may change in the new year with the government putting emphasis on innovative growth," the former government policymaker said.

 In the area of private consumption that is critical for sustainable growth think tanks expected growth ranging from 2.4 percent to 2.6 percent, which is lower than the 2.8 percent growth target set by Seoul for the year.

 On job creation, the experts said upwards of 125,000 positions may be created in the new year, which is slightly better than 103,000 added to the job force for this year up till November.

 The head of KERI, under the Federation of Korean Industries, said that while the number of jobs created will be similar to this year, there is a chance that unemployment rate may rise to 4.1 percent, a clear sign of worsening employment conditions.

 "The government must do more to push forward labor market reforms and do away with unnecessary red tape so as to create an environment conducive for growth," Kwon said.

< 저작권자 © eseoulpost 무단전재 및 재배포금지 >
폰트키우기 폰트줄이기 프린트하기 메일보내기 신고하기
트위터 페이스북 미투데이 요즘 네이버 구글 msn 뒤로가기 위로가기
이 기사에 대한 댓글 이야기 (0)
자동등록방지용 코드를 입력하세요!   
확인
- 200자까지 쓰실 수 있습니다. (현재 0 byte / 최대 400byte)
- 욕설등 인신공격성 글은 삭제 합니다. [운영원칙]
이 기사에 대한 댓글 이야기 (0)
Most Read
1
UAE establishing new sustainability model, investing in advanced sciences and national talent: Ministers
2
First Well Woman Conference 2019 opens in Abu Dhabi
3
Dubai to host 'Microsoft Ignite' conference on 27th March
4
Noura Al Kaabi visits new headquarters of Arabian Radio Network
5
Masdar to bring solar power to 'off-grid' communities around the world
6
III to bar China-made devices from accessing its internal network
7
Sheikha Fatima Field Hospital opens in Karachi
8
Top N. Korean official en route to Washington
9
MOFA thanks British-Taiwanese All-Party Parliamentary Group for support
10
ADGM launches Sustainable Finance Agenda to develop vibrant sustainable finance and investments hub
Photo News Green Biz
Plastic wastes from Korea legal: MisOr ecozone exec
Plastic wastes from Korea legal: M...
min
Spotlight on UAE's environmental efforts at Urban Sustainability Week
Spotlight on UAE's environmental e...
min
DEWA invites customers to take up Shams Dubai to generate onsite solar power
DEWA invites customers to take up ...
min
World Green Economy Summit to kick off in October
World Green Economy Summit to kick...
min
Abu Dhabi hosts The First Regional Biodiversity Forum in the Gulf Region
Abu Dhabi hosts The First Regional...
min
Photo News Sports
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News World
Koreas agree to formally inform IOC of intent to co-host 2032 Olympics
Koreas agree to formally inform IO...
min
Etisalat sponsors UAE Paralympics at Asian Para Games
Etisalat sponsors UAE Paralympics ...
min
Taichung to host first Asia-Pacific Youth Games in 2019: mayor
Taichung to host first Asia-Pacifi...
min
Asiad PHL gold winners come home
Asiad PHL gold winners come home
min
More history for Koreas in canoe; sport climber, hurdler grab gold medals
More history for Koreas in canoe; ...
min
Shooter wins Taiwan's 2nd gold at Asian Games (update)
Shooter wins Taiwan's 2nd gold at ...
min
Two taekwondo golds among 11 medals for S. Korea on Day 1
Two taekwondo golds among 11 medal...
min
Taiwan team wins first gold medal at Asian Games
Taiwan team wins first gold medal ...
min
Photo News Opinion
3 dead, 2 missing after fishing boat capsizes off southern coast
3 dead, 2 missing after fishing bo...
min
Ex-Supreme Court chief to be grilled in power abuse probe
Ex-Supreme Court chief to be grill...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Samsung's Q4 operating profit tumbles 28.7 pct on tepid memory demand
Samsung's Q4 operating profit tumb...
min
Court orders ex-President Chun to appear in libel case
Court orders ex-President Chun to ...
min
Central bank to continue accommodative monetary policy in 2019: BOK chief
Central bank to continue accommoda...
min
S. Korean economy to grow in mid-2 pct range in 2019: poll
S. Korean economy to grow in mid-2...
min
S. Korea's exports surpass US$600 bln for first time in 2018
S. Korea's exports surpass US$600 ...
min
Newspaper AboutNews ReportAdvertiseComplaintsPrivacy PolicyJuvenile protectionRejection of E-mail Collection
Gangnam-gu, Teheran 52 street in Tehran Bldg, 616(Yeoksam-dong)  |  Main Phone: 02) 563-0604  |  Fax: 02) 538-5665
Chairman : jeong-woo Lee  |  Advisor : byung-il Min  |  Publisher: jae-mo Kah  |  Editors: il-hong Kim
Registration Number 1928 Seoul ah  |  eseoulpost.com / eseoulpost.net / Global Korea.,Ltd
Copyright © 2011 eseoulpost. All rights reserved. mail to jaemokah@daum.com , kih10kr@empas.com/ www.globalkorea.info
arabafrica.net / UAE Interract / Emirtes News Agency(WAM)/ http://wam.org.ae / www.uaeinteract.com