(MENAFN) Industry data showed that South Korea's economy is forecasted to grow by mid-3 percent this year, which is higher than central bank estimations, QNA reported.
Projections from 10 major IBs show that South Korea's gross domestic product (GDP) is set to grow 3.6 percent this year, which is 0.1 percent higher than a month earlier.
Their latest outlook for Asia's fourth-largest economy this year is lower than the Korean government's 3.8 percent, but is a tad higher than the Bank of Korea's 3.4-percent forecast.
In December, the finance ministry trimmed its growth estimate for this year to 3.8 percent from 4 percent, citing lower-than-expected consumption and business investment.
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