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BANK OF KOREA CUTS 2008 GROWTH FORECAST, SEES HIGHER INFLATION.
SEOUL, July 1 Asia Pulse - South Korea's economic growth is expected to slow to 4.6 per cent this year from 5 per cent in 2007 due to soaring oil costs and sluggish domestic demand, with consumer inflation hitting a 10-year high, the central bank said Tuesday.
The growth projection by the Bank of Korea (BOK) is a downward revision from a 4.7 per cent initial estimate made in December.
Asia's fourth-largest economy is expected to expand 3.9 per cent on-year in the second half, lower than the BOK's initial projection of 4.4 per cent. But the economy is estimated to have grown 5.4 per cent in the January-June period on brisk exports, up from the previous forecast of 4.9 per cent.
GDP, the broadest measure of an economy's performance, is the total value of goods and services produced within the economy in a given period.
"The Korean economy is expected to lose steam as domestic demand weakened on soaring oil prices although exports will likely continue their upturn," the BOK said in a statement.
Exports, which account for about 40 per cent of the country's GDP, are forecast to grow 9.8 per cent this year, down from a 10.3 per cent expansion estimate. Domestic demand will likely slow to 3 per cent in 2008, compared with an earlier prediction of 4.3 per cent.
The downgrade of the forecast comes as South Korea is facing increasing inflationary pressure and downside risks to economic growth. A senior official at the Finance Ministry recently said that South Korea's economic growth could fall below 5 per cent this year, hinting that its earlier target of 6 per cent is too lofty to achieve amid toughening external conditions.
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