GDP and Inflation Goals for the New Year

Government is aiming for a 3% growth in 2022.

GDP and Inflation Goals for the New Year

Photo: Lee Ju-yeol, governor of the Bank of Korea.  Credit: Bank of Korea.

Finance Minister Hong Nam-gi 홍남기 재정경제부 장관 announced on December 16 that the government is hoping to achieve over 4% GDP growth for 2021, and 3% growth in 2022. Declaring next year as the beginning of the “post-corona” era, Hong emphasized the importance of high tech and green industry, including ocean development.

Separately, the Bank of Korea 한국은행 said it expected an approximately 2% rise in prices, which may act as a drag on economic growth.

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