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| ▲ Prime Minister Han Duck-soo answers lawmakers' questions during a parliamentary interpellation session held at the National Assembly in western Seoul on July 26, 2022. (Pool photo) (Yonhap) |
PM-growth outlook
PM expects economy to grow in mid-2 percent range
SEOUL, July 26 (Yonhap) -- Prime Minister Han Duck-soo said Tuesday that South Korea's economy is expected to expand in the mid-2 percent range this year, though the growth is expected to slow to around 2 percent next year.
"Private consumption has increased more than we expected as COVID-19 restrictions were partly eased," Han said during a parliamentary interpellation session on the economy.
But Han gave a dimmer outlook for 2023, saying the economy will face more hardships next year as geopolitical factors and high oil prices are expected to affect exports.
"But it will likely be kept at around 2 percent," he said of next year's growth rate.
Han said the government plans to tighten the budget next year amid economic woes and expects the won volatility to gradually stabilize, as the country is forecast to see a surplus balance in trade this year and has a better long-term growth outlook compared with other countries.
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