Koo Yun-cheol Sees Korea Growth Above 2%, Says Stocks Remain Undervalued

Deputy Prime Minister and Finance Minister Koo Yun-cheol said at a press briefing at the Government Complex Sejong on May 11 that South Korea’s economy is expected to grow by more than 2% this year. He said detailed figures will be presented next month in the government’s second-half economic growth strategy. The government had forecast 2% growth in January, but raised its view after first-quarter GDP growth reached 1.7%, far above the Bank of Korea’s February estimate of 0.9%. Koo cited exports, saying Korea ranked fifth globally in January-February, ahead of Japan and Italy, and posted a record current-account surplus of $73.8 billion in the first quarter. On the Kospi surpassing 7,800, he said Korean stocks remain low versus developed markets on a PBR basis. Source: hankyung.com.