(MENAFN) South Korean economy is projected to grow 3.7 percent next year, lower than the central bank's expectations of 3.9 percent, QNA reported.
The country's Institute of Finance expected a remarkable growth later in the year with first-half growth estimated at 3.6 percent and second-half growth at 3.9 percent, the report showed.
The institute expected private consumption to grow 2.8 percent next year, up from 1.8 percent this year as ongoing government stimulus and two rate cuts boost sentiment.
Facility investment, which policymakers have cited as a weak spot, is also expected to rise 7.9 percent from 5.3 percent as large corporations launch major investments in line with a global economic recovery.
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