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PM Han Forecasts S. Korea, US to Post Highest Growth in 2025 among Major Advanced Economies

Written: 2024-12-03 18:09:31Updated: 2024-12-03 18:24:20

PM Han Forecasts S. Korea, US to Post Highest Growth in 2025 among Major Advanced Economies

Photo : YONHAP News

Prime Minister Han Duck-soo forecast South Korea and the United States to post the highest growth rate among the world's major advanced economies next year.

Speaking to reporters on Tuesday, Han shared the outlook, adding that the current global assessment of the South Korean economy is very positive.

Han referred to Goldman Sachs' data late last month, which projected a one-point-eight-percent growth for both South Korea and the U.S. in 2025, comparatively higher than the United Kingdom's one-point-four percent and Japan's one-point-three percent.

Recognizing growing domestic concerns over a  potential growth rate of less than two percent, the prime minister said such cases apply to the global economy and highlighted the importance of looking after the domestic demand and public livelihoods.

Han pledged to streamline red tape and increase supply of land for housing in a bid to vitalize the housing and construction sector as a means to boost domestic demand and consumption.

The prime minister also promised to put forth measures aimed at vitalizing the nation's tourism industry.

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