SEOUL (XINHUA) – South Korea’s Finance Ministry yesterday raised the country’s economic growth outlook for 2021 by one percentage point to 4.2 per cent amid the expected recovery in both the export and domestic demand.
The real gross domestic product (GDP), adjusted for inflation, was expected to grow 4.2 per cent this year, according to the Ministry of Economy and Finance. It was revised up from a growth estimate of 3.2 per cent unveiled six months earlier.
Export, which takes up about half of the export-driven economy, was forecast to spike 18.5 per cent to USD607.5 billion in 2021 compared to the prior year. Import was predicted to jump 22.4 per cent to USD572.5 billion.
The country’s export kept rising for the seventh consecutive month through May on the back of the global demand recovery from the COVID-19 pandemic shock.
The outbound shipment surged 45.6 per cent in May from a year earlier, logging the fastest expansion in around 32 years since August 1988.