Govt. to release growth forecasts 3 times per year: finance minister
Quick Look
South Korea's Finance Minister Lee Hyoung-il announced the government will increase annual economic growth forecasts from two to three starting in 2027, ending a 32-year practice, with details to be revealed in December.
AI-generated summary
Why It Matters
South Korea currently releases economic growth forecasts twice a year. The government will increase this to three times annually starting in 2027, ending a 32-year practice. The finance minister also stated the government will no longer issue a separate economic growth strategy for the second half of the year under the revised system.
South Korea's top economic policymaker said Wednesday the government will release annual economic growth forecasts three times a year starting in 2027, up from the current two, to respond more proactively to changing economic conditions.
Finance Minister Lee Hyoung-il made the announcement as he discussed details of the government's economic growth strategy for next year with relevant ministers, indicating the plan will seek sustainable growth by addressing disparities.
"In order to promptly respond to the changing environment at home and abroad, the government will increase the number of economic outlooks issued from two to three, which would mark the first change in 32 years," Lee said.
Lee said the government will no longer release a separate economic growth strategy for the second half of the year under the revised system, but will instead draw up supplementary measures to address economic conditions when it announces its growth forecasts.
The finance minister said details will be announced in December following discussions with relevant ministries.
During the meeting, Lee added that the government will continue efforts to maintain the current growth momentum through flagship initiatives, including the three megaprojects.
What to Watch
AI outlook โ possibilities, not facts
The government will announce details of the revised economic forecast system in December.
Very likely ยท Within weeks
Open Questions
- What specific dates will the three annual forecasts be released?
- What are the details of the three megaprojects mentioned?
- Which ministries will be involved in the December discussions?
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