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RoK’s economy expected to expand 2.8 percent in 2018

The economy of the Republic of Korea is expected to grow 2.8 percent this year, as exports are likely to lose steam amid weaker private consumption, according to a private research institute.
RoK’s economy expected to expand 2.8 percent in 2018 ảnh 1A port in Busan, the Republic of Korea (Photo: EPA/VNA)

Seoul (VNA) – The economy of the Republic of Korea is expected to grow2.8 percent this year, as exports are likely to lose steam amid weaker privateconsumption, according to a private research institute.

The forecast by the LG Economic Research Institute (LGERI) is lower than the 3percent projection set in January by the Bank of Korea, Yonhap news agencyreported.

Helped by the government's stimulus spending, the nation's economy expanded 1.1percent on a quarterly basis in the first quarter of this year. It marked arebound from a 0.2 percent contraction a quarter earlier.

The economy is unlikely to grow more than 1 percent from the second quarter ofthis year, as the semiconductor boom, which has driven up the RoK's exports, iscoming to an end, Yonhap quoted the LGERI as saying.

Data showed the nation's exports fell in April, marking the first decline in 18months.

Outbound shipments reached 50.06 billion USD last month, down from 50.84billion USD a year ago, according to the data compiled by the RoK Ministry ofTrade, Industry and Energy. Imports surged 14.5 percent on-year to 43.45billion USD.- VNA
VNA
#Republic of Korea's economy #LG Economic Research Institute #Bank of Korea #RoK Ministry of Trade Industry and Energy #economic growth of Republic of Korea #Vietnamplus #Vietnam News Agency Korea (RoK)
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