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S Korean central bank forecasts economic growth

(Xinhua)
Updated: 2009-04-10 16:08

SEOUL -- The South Korean central bank said Friday that the nation's economy is expected to be minus 2.4 percent this year, the worst performance in 11 years, due to global recession and weakening domestic demands.

Related readings:  China's economy to bottom out in mid 2009: World Bank  South Korea's jobless rate rises to 3.9 percent

"The Korean economy may bottom out in the second or third quarter. But given the current economic conditions, it's difficult to expect a sharp recovery," Kim Jae-chun, director-general at the BOK's research department, told a press conference.

"The pace of the economic recovery is expected to be very slow and the economy may get better only after the second half of next year," he said.

The BOK had forecast in December last year that the country's economy to grow 2 percent.

The central bank's latest prediction came as the South Korean government forecast earlier that the economy may contract 2 percent this year even after taking into account a record 28.9 trillion won ($21.9 billion) extra budget aimed at creating more jobs and jump-starting the sputtering economy.