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Moody's forecasts S Korean economy to grow 3% in 2010
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16:00, September 15, 2009

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South Korea is likely to post a 3 percent economic growth next year thanks to the government's fiscal measures, "minimizing" its economic contraction this year, Moody' s Investors Service said Tuesday.

"We expect GDP growth to recover to 3 percent in 2010, with medium-term growth estimated at 4-5 percent," the credit rating agency said in a statement released before an annual conference to be held in Seoul this week.

Predicting South Korea's contraction in gross domestic product (GDP) growth for 2009 is to be "minimized," Moody' s, in its statement, pointed at the government's large-scale fiscal stimulus program to contribute to boost domestic demand.

The announcement is adding to recent optimistic signs that the South Korean economy is stepping out of a downturn caused by the collapse of Lehman Brothers last September.

South Korea's economy posted a 2.6 percent on-quarter growth in the second quarter, sharply turning around from a 5.1 percent on-quarter drop in the final quarter of 2008.

With budding optimism in the market, the South Korean government recently adjusted up its growth outlook for next year to a 4 percent expansion.

Amid the improved views on the South Korean economy, Fitch Ratings, another leading credit appraiser, also recently upgraded its credit outlook for South Korea to "stable" from "negative."


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