South Korea raises 2017 forecast
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.