South Korea vows over 4% growth this year
Tuesday, 05 11 2021, Category: Economy, Country: Asia
South Korean President Moon Jae-in, now with just a year left in his five-year term, vowed to achieve over 4 percent economic growth by the end of the year and softened on his conviction of withholding presidential pardons of business tycoons in case of Jay Y. Lee, chief of Samsung Group and Samsung Electronics.
“The government will do upmost to achieve an annualized economic growth of over 4 percent this year,” Moon said Monday in a televised press conference marking his fourth year in office and outlining work in his final year.
Authorities have recently turned more upbeat about the economy rebound from a contraction of 1.0 percent in the Covid-19 year of 2020. They projected the economy would perform beyond the government estimate of 3.0 percent and the Bank of Korea’s 3.2 percent after the gross domestic product added 1.6 percent in the first quarter, doubling the government estimate of around 0.8 percent.
The president pushed the goal further to a figure above 4 percent – which would be the biggest gain in 11 years – upon witnessing stronger-than-expected exports. Exports in April had jumped whopping 41.1 percent in April to monthly record of $51.9 billion, making January-April outbound shipments also historic high.