South Korean economy is expected to hit 2016 growth forecast

South Korea's economic growth is still supposed to meet the government's objective this year, though recent strikes at Hyundai Motor Co as well as the discontinuation of Samsung Electronics Co Ltd's Note 7 sales pose certain risks, the deputy finance minister told on Monday.

Lee Chan-woo said that a news briefing on the Korean economy that Samsung Electronics' troubles could have a bad impact on the country's growth, especially in the second half of the year.

It could have negative effects on the South Korean economy. That’s especially true for Samsung's case. The overall negative effect might be reflected during the third and fourth quarters.

Lee added that ecent strikes at Hyundai, the country's number one carmaker, turned to be a bigger risk. However, South Korean economy isn’t presented only by Hyundai and Samsung. These losses can be made up via investment and consumption.

The deputy minister told that this year’s growth would precisely meet the government's forecast of about 2.8%, and even exceed that level in 2017. 

Scroll to top