SEOUL : South Korea expects the economy to grow steadily in 2022, as domestic demand rebounds and export sales remain strong, but said it would continue to provide fiscal stimulus to help accelerate the pace of the recovery.
The finance ministry revised its 2021 growth forecast a bit lower but slightly upgraded its 2022 economic outlook in its bi-annual economic policy report.
Gross domestic product is expected to expand 3.1per cent next year, versus a previous forecast for 3.0per cent growth, the finance ministry said. It expects the economy to expand 4.0per cent this year, at its fastest pace in 11 years, compared to a previous forecast for 4.2per cent growth.
“We expect the economy to sustain solid growth in 2022. The economic normalisation will speed up thanks to an even growth in domestic demand and exports,” Vice Finance Minister Lee Eog-won told an embargoed news conference on Friday.
South Korea’s economy grew at a…