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KOREAN GOV'T TO REVISE DOWN 2003 GROWTH FORECAST LATE THIS MONTH.
SEOUL, June 2 Asia Pulse - The Ministry of Finance and Economy said it plans to lower its economic growth forecast for 2003 to the 4-percent range late this month.
The ministry, or the architect of the nation's economic policy, had earlier expected the economy to grow in the 5-percent band this year.
"Late in June, the ministry will change its growth estimate and other macroeconomic policy plans, based on data compiled by the Bank of Korea and the Korea Development Institute," a ministry official said Sunday.
Should worse-than-expected economic conditions be left uncorrected, the growth rate of the economy could fall below 4 per cent this year, the official said.
However, the implementation of a 4-trillion-won (US$3.30 billion) supplementary budget would help maintain the nation's economic growth rate at the 4-percent range, he said.
The official predicted the nation's jobless rate to rise to a level higher than the ministry's original estimate of around 3 per cent because a 1-percentage-point drop in growth rate usually causes the number of jobless people to increase by 100,000.
South Korea's inflation rate is likely to reach around 3 per cent this year, while its current account balance could swing to a deficit from a surplus target of $2 billion to $3 billion.
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Source: HighBeam Research, KOREAN GOV'T TO REVISE DOWN 2003 GROWTH FORECAST LATE THIS MONTH.