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SEOUL : South Korea's economy is expected to grow faster next year than the previous forecast of four percent as it rebounds quickly from the global downturn, Finance Minister Yoon Jeung-Hyun said Thursday.
"Many foreign institutions are expressing their surprise over our economy's faster-than-expected rebound... it is expected that next year's growth will likely be better than the government's earlier forecast of a four percent expansion," he told heads of major think-tanks.
Yoon, quoted by Yonhap news agency, also noted downside factors including a tighter job market and rising commodity prices.
"While some macroeconomic indicators are improving, employment conditions still remain sluggish, making it difficult for ordinary people in their daily lives," the minister said.
"With a rebounding economy, oil prices and other commodity costs could surge at any time, which could serve as yet another drag on the economy."
Thanks largely to government stimulus measures, the economy has turned in a series of positive figures recently.
The October jobless rate fell to the lowest level for 11 months and industrial output in September posted its highest growth for 20 months.
The economy, Asia's fourth-largest, grew 2.9 percent in July-September compared to April-June, the fastest quarter-on-quarter growth for more than seven years.
The government has warned against premature optimism and said it will continue bolstering the economy.
"To get over a crisis and prepare for the post-crisis era, now is the really critical time for us to delve into how we survive this difficult time and keep the improving economic trend alive," Yoon said.
- AFP/vm
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