Private Think Tanks Bearish about 2013 Growth Forecasts
Private Think Tanks Bearish about 2013 Growth Forecasts
  • Korea IT Times (info@koreaittimes.com)
  • 승인 2013.06.29 00:25
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SEOUL,KOREA- Major private economic think tanks see this year's economic prospect rather pessimistically. All of their forecast figures, it turned out, were lower than the 2.7-percent level suggested by the government.
 For example, Hyundai Economic Research Institute lowered its 2013 economic growth figure to 2.6 percent from 3.1 percent forecast earlier. This is based on predictions that the first-half and second-half growth will be 1.8 and 3.3 percent respectively.
 
The Hyundai Group-affiliated institute picked the following as major risk factors for the Korean economy: the U.S. Fed's exit strategy away from quantitative easing, the concerns surrounding Japan's "Abenomics," cooling of the global export market, a possible bubble burst in household debt, and a further decline in the housing market.
 
Korea Economic Research Institute, meanwhile, said on June 15 the Korean economy would make a 2.3-percent growth this year after stopping short of growing less than 3 percent in the second half. This is 0.6 percentage point lower than the 2.9-percent growth rate suggested in March. This prediction, according to the Federation of Korean Industries-affiliated institute, was based on a rise in uncertainties in external conditions and a lowered possibility of domestic consumption to revive.
 
Other private think tanks such as LG Economic Research Institute and Samsung Economic Research Institute are also likely to revise their 2013 growth forecast below the 3-percent level, given negative factors that emerged recently such as a reduction in the U.S. government's bond purchases as part of its monetary easing policy.
 

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