South Korea sees 2017 growth at fastest in three years, pushes consumption and jobs

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South Korea raised its growth outlook for this year on Tuesday and vowed to maintain an expansionary fiscal policy that would support job creation.
The government projected economic expansion of 3 percent in 2017, the fastest since growth of 3.
3 percent seen in 2014.
The finance ministry`s latest outlook revised growth up from an earlier estimate of 2.
6 percent, and put it above the Bank of Korea`s forecast 2.
It sees improving global demand for South Korean goods supporting growth in the second half of 2017, along with increased fiscal spending from the 11 trillion won ($9.
85 billion) supplementary budget approved on July 22.
The ministry said the extra budget would lift growth by 0.
2 percentage point this year, although Nomura said the supplementary budget`s 0.
2 percent boost to GDP growth was already included in its estimate of 2.
The government sees exports surging 10.
2 percent this year, although private consumption is expected to grow at a slower 2.
3 percent because of waning job growth and record household debt.
"South Korea`s potential growth rate is around 3 percent.
As we noted earlier, posting 3 percent expansion looks achievable assuming the economy continues to undertake reforms for consumption-led growth," deputy finance minister Lee Chan-woo told an embargoed briefing.
"Going forward, our budget, tax and other policies will be reformed to better focus on creating jobs," Lee said.

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