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S. Korean economy to grow 3.8% y/y in 2021 and increase by 3% in 2022 Updated: 2021-05-13 16:02:04 KST

Exports are forecast to lead South Korea's economic recovery from the COVID-19 pandemic.
According to the latest economic assessment by the Korea Development Institute on Thursday the country's economy is projected to grow 3.8 percent by the end of this year and grow 3-percent more in 2022.
The state-run think tank said exports of goods such as semiconductors, cars, and petroleum products all saw an increase in the first half of this year and the service sector is also showing signs of rebounding.
It also forecast that consumer prices will go up 1.7 percent this year mainly due to the rise in global oil prices and higher prices of crops, livestock, and fish.
As for the country's job market the KDI projected that it will see a rebound.
Compared to last year, the number of people in employment this year is expected to rise by 190-thousand.
The KDI added that the job market is expected to continue its recovery next year with 330-thousand more people being employed as the service sector gets back to normal.
But the KDI warned that although the economy will gradually improve the speed of recovery will be different by sector as uncertainties still remain in the service sector.
It also said that the nation's economy heavily relies on whether COVID-19 is continued, and on how fast the vaccines are rolled out.
Bae Eun-ji, Arirang News.
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