Photo = Getty Image Bank
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Major overseas organizations have raised their forecasts for Korea’s economic growth this year.
According to the International Finance Center on the 27th, three out of six investment banks (IBs) and one research institution that published the report the previous day raised Korea’s gross domestic product (GDP) growth rate this year by 0.1 to 0.3 percentage points. This reflects the GDP results for the fourth quarter of 2020 announced by the Bank of Korea. They projected Korea’s economic growth rate to vary from 2.7 to 5.0%.
Earlier, at the end of December last year, 9 overseas IBs including Barclays, Bank of America Merrill Lynch (BoA-ML), Citi, Credit Switzerland, Goldman Sachs, JP Morgan, HSBC, Nomura, and UBS averaged 3.4 in real GDP growth in 2021 in Korea. Expected in %. This is a 0.1 percentage point higher than the forecast a month ago.
The BOK announced the day before that the real GDP growth rate in the fourth quarter of last year (preliminary report compared to the previous quarter) was calculated at 1.1%. Last year’s annual GDP growth rate was -1%. It recorded negative growth in 22 years after 1998 (-5.1%) during the financial crisis. Including 1980 (-1.6%), it is the third negative growth in history.
It was sluggish in terms of numbers, but considering the situation of Corona 19, it is an evaluation that it was good. It is above the average of Korea’s fourth-quarter GDP growth rate of 0.7%, as predicted by 18 major institutions. The annual growth rate also slightly exceeded the forecast of major overseas institutions (-1.1%).
Reporter Lee Song-ryul [email protected]
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