South Korea raises 2017 fore­cast

China Daily (Hong Kong) - - BUSINESS -

The South Korean gov­ern­ment on Tues­day raised its 2017 growth fore­cast for the econ­omy to 3 per­cent on an ex­pected ef­fect from a sup­ple­men­tary bud­get plan. The eco­nomic pol­icy di­rec­tion re­port un­der the new gov­ern­ment, which was in­au­gu­rated on May 10, was ap­proved at a cab­i­net meet­ing. Ac­cord­ing to the re­port com­piled by the Min­istry of Strat­egy and Fi­nance, the new ad­min­is­tra­tion re­vised up this year’s growth out­look to 3 per­cent from 2.6 per­cent es­ti­mated six months ear­lier. The up­ward re­vi­sion fol­lowed the par­lia­men­tary pas­sage on Satur­day of the ex­tra bud­get plan worth 11 tril­lion won ($10 bil­lion) to cre­ate de­cent jobs and achieve the goal of in­come-based growth.

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