Korea Won - US Dollar Rate to Hover at 1,100 Next Year
The economy is expected to grow 4.3 percent next year and the won-dollar rate will hover at around 1,100 won, the country's leading economic think tank said Thursday. The Samsung Economic Research Institute (SERI) predicted that the economy would mark 6-percent year-on-year growth in the first half of next year followed by a 2.9 percent increase in the second half. For the whole year, it will average 4.3 percent, 0.4 percentage points higher than the institute's earlier estimate in September. It is also higher than the government's outlook of 4 percent. SERI also raised its growth estimate for this year, to 0.2 percent from its previous forecast of a 0.8 percent contraction. ``The economy has been recovering quickly recently on the back of a recovery in the domestic market and of exports,'' the institute said. However, this will likely slow next year. ``As the global economic recovery slows, so will the country's exports and domestic consumption,'' the t...