16 April 2012 10:08 [Source: ICIS news]
GDP growth is expected to accelerate to 4.2% in 2013, the Bank of Korea (BOK) said in a statement.
An easing of uncertainties over the eurozone sovereign debt crisis will be positive for economic growth, but the global slowdown and higher oil import prices will weigh down on the South Korean economy, it said.
“Export growth is forecast to slow somewhat, owing to the cooling of world trade growth as a result of the economic recession in the euro area,” the BOK said.
Meanwhile, the import prices of oil are expected to increase to $118/bbl in 2012 from $108/bbl last year, it added.
In 2013, the BOK forecasts a narrowing of the country’s current account surplus to around $12.5bn.
Current account measures an economy’s trade in goods, services, tourism and investment with the rest of the world.
($1 = €0.77)
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