(2010-09-01) Taking A Look at South Korea’s Economy: Strathclyde Associates

Taking A Look at South Korea’s Economy: Strathclyde Associates - Korea is set to gro

Taking A Look at South Korea’s Economy: Strathclyde Associates - Korea is set to grow about 5% this year, faster than the Bank of Korea’s December forecast of 4.6%.

The central bank has lowered its 2010 forecast for consumer price inflation to 2.6% giving a signal to the market that the bank won’t raise the benchmark interest rate in the first half of the year. However, a 25 basis-point rate hike in September and another 25 basis-point hike in December cannot be ruled out. The central bank expects inflation to accelerate to 3.3% next year as economic recovery is likely to fuel consumption.

Taking A Look at South Korea’s Economy: Strathclyde Associates Korea - The current-account surplus totaled $1.69 billion in March compared with a surplus of $6.64 billion a year earlier. The size of the surplus is expected to shrink over time as imports rise with an improving economy. The country’s current account surplus will be around $17 billion this year from $42.67 billion in 2009.

Taking A Look at South Korea’s Economy: Strathclyde Associates Korea - The won will continue to appreciate due to the weak dollar against emerging economies’ currencies, but only marginally due to a narrowing current account surplus. Moody’s Investors Service upgraded South Korea’s sovereign rating by one notch to the pre-Asia crisis level of A1 from A2 citing the country’s “exceptional” rebound from the global downturn and the government’s success in curbing its debt.

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