Finance Minister projects economic growth of up to 2.9% this year
Finance Minister Hyun Oh-seok says the Korean economy has entered a phase of recovery, and could post growth of 2.9 percent this year.
In an interview with Seoul-based Yonhap News Sunday, Hyun said the nation's gross domestic product grew 1.1 percent in the third quarter from the previous quarter when it also gained at the same pace,. indicating the country is on the road to recovery.
The two consecutive quarterly gains in the one-percent range marks the first in nearly three years.
The Korean economy also grew 3.3 percent in the same period from a year earlier, the fastest growth in nearly two years, spurred by improved consumer spending and a pick up in facility investment.
The finance minister said that, if the current trend continues, the nation's annual economic growth will surpass the 2.7 percent projected earlier in the year.
Hyun said Korea will post 2.9 percent growth for 2013, if it maintains the 1.1 percent gain in the fourth quarter.
The minister also called on the National Assembly to pass 1-hundred-02 pending bills on job creation and economic revitalization in order to maintain the current growth rate.
He warned the recovery will slow if the bills are not passed on time.
Kim Min-ji, Arirang News.