(1888PressRelease)
September 12, 2007 - Major investment banks have raised their average growth forecasts for South Korea in 2008.
Figures from the Korea Center for International Finance show that last month eight major investment banks raised their growth forecast for Asia's third-largest economy by 0.1 per cent to five per cent, yohnap.news.co.uk reports.
The highest forecast was from BNP Paribas, which projects growth of 5.5 per cent, while Goldman Sachs and Citigroup anticipate growth of 5.3 per and 5.2 per cent respectively.
Meanwhile, JP Morgan and Merrill Lynch expect growth to hit 5.1 per cent and 5 per cent in the East Asian nation, and Lehman Brothers, Morgan Stanley and UBS anticipate economic growth of between 4.8 per cent and 4.2 per cent.
Analysts attribute the banks' reassessments of growth to rising exports as well as growing consumer spending.
Market observers cite rising exports and consumer spending as reasons for the latest revisions.
News of the projections comes as Korean government officials recently announced that the crisis in the sub-prime mortgage market will have a "limited" impact on the Korean economy.
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