(MENAFN- Qatar News Agency) South Korea's economy has moved into a recovery phase and may boast a 2.9% growth this year, the government said Sunday, urging parliament to pass stimulus-related bills to maintain the trend.
South Korea's Finance Minister Hyun Oh-seok said Sunday that Asia's fourth-largest economy has posted a 1.1% growth in the third quarter this year from three months earlier, implying the country's economy is moving toward recovery
"When such trend continues, (South Korea's) annual economic growth will hover far above a 2.7% rise estimated earlier this year," Hyun told South Korea's (Yonhap) News Agency
South Korea's gross domestic product, the broadest measure of economic performance, also expanded at an identical pace of 1.1% in the second quarter, according to data by the Bank of Korea
From a year earlier, the economy grew 3.3% in the July-September period, the fastest on-year growth in seven quarters, after gaining 2.3% on-year in the second quarter
The growth data, which hovered above market expectations, are underscoring the view that the South Korean economy is on the recovery track
Hyun said South Korea's economy will post a 2.9% on-year growth if it also maintains the 1.1% gain in the fourth quarter
Even if the fourth-quarter growth slows to 0.8%, the country will still post a 2.8% growth, 0.1 percentage point higher than the earlier estimate of 2.7%, Hyun added
"In order to maintain the growth, the National Assembly must promptly pass 102 pending bills related to revitalizing the economy and generating jobs," Hyun said
"The bills will promote investment, sparking more employment and consumption."
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