Central Bank Revises Up Growth Forecast to 4.5% 
The Bank of Korea (BOK) Tuesday revised its forecast for the country's annual economic growth for this year upward to 4.5 percent, reflecting strong exports and reviving domestic consumption.
The bank said the gross domestic product (GDP), the total output of goods and services produced in the country minus overseas income, will gain growth momentum toward the end of the year, forecasting a higher economic growth rate for 2008.
The prediction bodes well for the anticipation that the bank may take measures soon to fight growing inflationary pressure and to stem liquidity growth. Many economists forecast the BOK will raise its call rate by 25 basis points for the first time in 11 months in a monetary policy meeting scheduled for Thursday.
The 4.5 percent annual growth rate is 0.1 percentage point higher than its earlier estimate of 4.4 percent made last December.
# The Korea Times [July 12, 2007]By Na Jeong-ju
Staff Reporter
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