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S.KOREA'S ECONOMY FORECAST TO EXPAND AT UPPER 4 PCT THIS YEAR.
SEOUL, Jan 1 Asia Pulse - The South Korean economy is expected to increase at the upper 4 per cent-range this year, mainly because of optimism about exports and domestic spending, the country's top economic policymaker said recently.
The official, however, warned that external risks such as high oil prices and financial volatility from the U.S. subprime mortgage defaults could depress the growth of Asia's third-largest economy.
"In a nutshell, the economy and new employment are likely to increase at the level of its potential growth rate," said Finance Minister Kwon O-kyu at a press briefing last Thursday.
"Rapid growth of emerging markets, such as China, is expected to make up for the fall in demand (of Korean products) from advanced nations," Kwon said.
Exports are expected to increase at a double-digit rate in 2008, Kwon said, while noting that the growth rate may inch down from last year due to a possible slowdown of the global economy.
Kwon also stressed that growth in private spending will likely be in line with the momentum picked up from late 2007, attributing it to "increased wages and job qualities."
New employment is expected to be around 300,000 per month, Kwon ...
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