Fitch Expects South Korea’s Economy To Grow At 5% In 2006

Fitch expects the South Korean economy to achieve its GDP growth target of 5% for this year.

Fitch expects the South Korean economy to achieve its GDP growth target of 5% for this year. This comes on the heels of strong exports and a rebound in consumer spending. Head of Fitch Ratings’ Asia Sovereign Ratings in Hong Kong James McCormack said that Fitch revised its growth forecast for South Korea to 5% in line with the earlier forecast by the South Korean government.

McCormack expressed confidence in the South Korean economic outlook, which has fully recovered from the Asian currency crisis. Speaking on the effects of the strong Won, McCormack said the Won’s impact is likely to be limited. McCormack said that exports continue to remain strong despite the strengthening of the Won.