South Korea is still considered an emerging economy but it is gaining in importance.
- 2010 economic growth forecast raised to 5.9% of GDP from 5.2%
- 2011 growth forecast lowered to 4.5% from 4.8%
- 2010 H2 inflation forecase raised to 3% from 2.7%
It was based on these forecasts that the central bank last week raised rates to 2.25% from their record low levels at 2%.