S.Korea's Economy Expected To Rise 2.8 Pct In 2022: Think Tank

South Korea's economy was expected to rise 2.8 percent this year due to a rebound in private consumption, a state-run think tank said Wednesday

SEOUL, (UrduPoint / Pakistan Point News - 18th May, 2022 ) :South Korea's economy was expected to rise 2.8 percent this year due to a rebound in private consumption, a state-run think tank said Wednesday.

Real gross domestic product (GDP), adjusted for inflation, was forecast to grow 2.8 percent in 2022 from the previous year, according to the Korea Development Institute (KDI).

The real GDP advanced 4.0 percent in 2021 after falling 0.9 percent in 2020 amid the negative effect of the COVID-19 pandemic.

The KDI said consumer spending would be on a solid recovery this year as the country lifted social-distancing rules amid the positive effect of the government's extra budget bills to reinvigorate the economy.

Private consumption was projected to expand 3.7 percent in 2022 after gaining 3.6 percent in the previous year.

Facility investment was forecast to decline 4.0 percent this year on a lower investment in the semiconductor industry, while investment in the construction sector was predicted to slide 1.3 percent on higher construction materials cost.