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S.Korea economy expands 1.5% in Q2

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by Kay Mitchell

Figures today revealed South Korea’s economy grew by 1.5% in the second quarter compared with the first quarter – much faster than economists had expected.

On an annual basis, the economy expanded by 7.2% and, according to the central bank, growth has returned to the pre-crisis level.

According to economists, the level of growth could lead the Bank of Korea to increase interest rates twice more by the end of the year.

Kim Myung Kee, an official at the Bank of Korea, told reporters today: “The Korean economy is continuing stronger than expected growth, indicating that growth has recovered to the pre-crisis level and the local economy may have entered an expansionary phase.”

However, he cautioned that global uncertainties remained a concern and it was unclear whether the central bank would lift its full-year growth prediction of 5.9%.

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News posted: July 26, 2010

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