Gov't to release growth forecasts 3 times per year: finance minister

Korea's Minister of Finance, Lee Hyoung-il, announced on Wednesday that the government will release economic growth forecasts three times a year starting in 2027, up from the current two releases. This change aims to enable the government to respond more proactively to shifting economic conditions. During a discussion with relevant ministers about the government's economic growth strategy for the upcoming year, Lee revealed that the plan seeks to promote sustainable growth by addressing disparities.

The decision to increase the frequency of economic outlooks, from two to three times per year, represents the first change in this regard in 32 years. Lee emphasized that the government will need to promptly adapt to the evolving environment, both domestically and internationally, by issuing these additional forecasts. In the revised system, the government will no longer issue a separate economic growth strategy for the second half of the year.

Instead, supplementary measures will be developed to address economic conditions when the growth forecasts are announced.

Lee stated that the precise details of the new system will be revealed in December following further consultations with relevant ministries. During the meeting, Lee indicated that the government's plans will take into account the need for sustainable growth and the resolution of economic disparities.