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KDI cuts Korea’s 2016 GDP outlook to 2.6 percent

Collected: 2016.05.25

Distributed: 2016.05.27

Source: Go Direct

State-run think tank Korea Development Institute (KDI) slashed its forecast on this year’s economic growth to 2.6 percent from 3.0 percent last estimated in December. Its estimate is significantly conservative than 3.1 percent targeted by the government and even more than the Bank of Korea’s revised estimate of 2.8 percent. Korea’s gross domestic product grew 2.6 percent on year in 2015.

The think tank observed the recovery momentum was lost with the growth slowing to 2.7 percent in the first quarter from 3.1percent year-on-year pace in the fourth quarter.

The KDI predicts the economy to continue at snail’s pace of 3.0 percent in the second quarter, 2.4 percent in the third, and 2.2 percent in the fourth.

Exports this year are estimated to edge up 1.0 percent while imports grow 2.0 percent. Current-account balance will keep up sizable surplus of $110.3 billion this year, bigger than last year’s $105.9 billion, as imports slow faster than exports due to depressed demand and industrial activity.

By Nah Hyun-joon

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