South Korea Hikes 2009 GDP Forecast

By IBTimes Staff Reporter | June 25 2009 2:39 AM

RTTNews - Thursday, South Korea raised its gross domestic product or GDP forecast for 2009, citing signs that economic slowdown is easing on massive fiscal stimulus and interest rate cuts.

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The economy will contract 1.5% this year, the Ministry of Strategy and Finance said, up from a 2% fall predicted in April.

The ministry forecast GDP to expand 4% in 2010, unchanged from its previous forecast.

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