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Goldman Sachs forecasts S. Korea's GDP to top U.S.$30,000 in 2018 Updated: 2017-12-06 07:29:11 KST


Korea's booming tech industry is expected to remain a main growth driver next year.
During a news conference on the nation's economic outlook for next year, an economist from Goldman Sachs Korea said that South Korea's per-capita GDP would likely break the 30 thousand U.S. dollar level in the coming year.
Chief economist Kwon Goo-hoon said that the tech-strong Korea is benefiting a lot from the world economy which is currently being driven by information and communication technology.
He said that global internet companies such as Facebook, Amazon and Google have been investing more in data centers and software, which could give a major boost to Korea's exports in the semiconductor industry.
If Korea does hit the 30,000 dollar mark, it would be the third Asian country after Japan and Australia to do so, and the ninth among the OECD member nations.
The economist meanwhile anticipated the nation's benchmark KOSPI to reach 2,900 points in 12 months time, and expected a stable return rate of 14 percent in local currency.
Regarding the nation's key interest rate, he said that the rate could reach 2 percent by late 2018, adding that if the economy grows faster than expected then due to hikes in household debt and the property market, it could even rise further to 2.5 percent.

Kim Mok-yeon, Arirang News.
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