South Korea’s government on Wednesday set its 2018 growth forecast for the economy at 3 percent.
Real gross domestic product (GDP), adjusted for inflation, was predicted to grow 3 percent in 2018, the Ministry of Strategy and Finance said in its 2018 economic policy direction report. It was down from the ministry’s 2017 growth outlook of 3.2 percent.
The ministry said uncertainty would remain over the economy as the central bank was expected to raise the policy rate further next year.
Outlook for the 2018 consumer price inflation was set at an annualized rate of 1.7 percent as global crude oil price was expected to rise at a slower pace next year than this year.