Macroeconomic Forecast South Korea

Despite strong economic growth in the third quarter, accelerating to 4.4%y-o-y from 3.3% in Q2, we expect growth to moderate to 3.8% this year, amid the global slowdown. A sustained revival in consumption will underpin an acceleration to 5.2% growth in 2006, although high oil prices and a weak construction sector will continue to provide downside risks to growth ahead.

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