The Korea Development Institute (KDI) has upgraded its growth forecast for Korea this year to 3.2%, However, employment projections have taken a step back. On the 9th, KDI released its '2023 Economic Outlook for the First Half' and '2023 Labor Market Outlook'. In its report, KDI raised its growth forecast for this year from 2.6% in February to 3.2%, citing a strong rebound in exports and a gradual recovery in domestic demand. The 3.2% growth forecast is close to the government's earlier projection of 3.1% and is higher than the 2.9% predicted by the International Monetary Fund (IMF). However, KDI lowered its employment growth rate forecast for this year from 1.3% in February to 1.1%. The number of employed people is expected to increase by 310,000 this year, down from the previous estimate of 330,000. The forecast for the number of unemployed people also increased from 950,000 to 970,000. KDI attributed the downward revision of employment indicators to a decline in the number of employees in the 20s and a slowdown in the service industry. The unemployment rate is expected to remain at 2.9%.
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