The Korean economy will likely maintain its current recovery pace going forward on the back of strong overseas sales and rebounding private consumption, a government report said on Nov. 10.
“The Korean economy has been maintaining an upturned pace on the back of brisk exports and recovering global demand, while private consumption made a turnaround from a long slump,” the Finance Ministry said in its monthly economy assessment report.
“Thanks to a rally in exports and increased government spending, the recovery pace is expected to continue.”
The report, called Green Book, is based on the latest economic indicators of such key factors as output, exports, consumption and corporate investment, which provide clues as to how the economy has been faring in recent months.
The government said there are still lingering outside downward pressures, including trade issues with the United States and potential geopolitical risks centered on North Korea.
By Alex Lee and newswires (email@example.com