KONTAN.CO.ID - SEOUL. South Korea cut its 2021 growth forecast and vowed to continue to support workers and exporters as a resurgence of the coronavirus has delayed its recovery and forced the government to keep its fiscal taps wide open. Gross domestic product is expected to grow 3.2% in 2021, the finance ministry said on Thursday, down from a previous estimate for 3.6% growth, as the country faces a third wave of coronavirus infections. Booming exports will help the economy recover from an expected slump of 1.1% this year, which would be the biggest full-year fall since 1998.
South Korea cuts growth outlook, vows to maintain stimulus for virus-hit economy
KONTAN.CO.ID - SEOUL. South Korea cut its 2021 growth forecast and vowed to continue to support workers and exporters as a resurgence of the coronavirus has delayed its recovery and forced the government to keep its fiscal taps wide open. Gross domestic product is expected to grow 3.2% in 2021, the finance ministry said on Thursday, down from a previous estimate for 3.6% growth, as the country faces a third wave of coronavirus infections. Booming exports will help the economy recover from an expected slump of 1.1% this year, which would be the biggest full-year fall since 1998.