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BOKsees 5% growth in '04; Gov. Park predicts economy to recover from fourth quarter.
(From The Korea Herald)
By Lee Kyoung-ah Bank of Korea Gov. Park Seung forecast yesterday that the local economy would start to recover gradually from the fourth quarter, helped in part by a previous package of economic stimulus measures.
During an audit conducted by the National Assembly yesterday, Gov. Park said the local economy had hit bottom in the second quarter and is getting ready to stage a recovery from the fourth quarter. He also added that the recovery would lead to between 4 percent and 5 percent economic growth next year.
"It usually takes from a half to one year for an economic stimulus measure to take effect," he said confirming his statement that it would be possible to see the local economy revive from the fourth quarter boosted by the two call-rate reductions carried out this year.
However, lawmakers cast doubts on the central bank's forecasting ability, citing previous failures to correctly predict future economic growth.
"Ever since 2000, all economic forecasts released by the Bank of Korea have missed the mark by more than 2 percent," said Rep. Kim Dong-wook of the Grand National Party.
According to Kim, the difference was 2.1 percent in 2000, 2.2 percent in 2001, and 2.4 percent in 2002, while he expected the ...
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