Private Research Institutes Upwardly Adjust Growth Forecasts to 5 Pct
Private research institutes are one after another adjusting upward their growth projections for this year, convinced that improvements in economic conditions are real and sustainable.
Institutes led by Daewoo Economic Research Institute and Hyundai Research Institute have all adjusted their growth projections to the 5-percent range, up from around 3.5 percent.
Daewoo researchers jacked up their growth projection from 3.5 percent in March to 5.2 percent based on the latest evidence that improvements in economic conditions in regions like the United States will continue for the rest of this year.
``In addition to the sustainable improvements in economic conditions in the U.S., foreign exchange and financial markets in Asia are quickly stabilizing,'' one Daewoo researcher said.
He went on to say that the government's policy of not intervening in the face of falling interest rates is expected to continue heating up the stock market and vitalize domestic consumption.
Such conditions in the domestic market suggest that unemployment will fall to 7.5 percent, down 0. …