S Korea revises up 2009 growth to 0.2%

SEOUL, Dec. 10 (Xinhua) -- South Korea is expected to post a 0.2 percent growth in 2009 as its economy recovered faster than expected, a report by the country's Ministry of Strategy and Finance said on Thursday.

The report also forecasted that the nation's gross domestic product (GDP) is likely to surge to 5 percent in 2010.

The forecasts were made in the government's 2010 economic management roadmap for the next year.

The report pointed that the country's GDP growth in the third quarter returned to levels before the global financial crisis, and private sector consumption and facility investment also kept upturn trend.

It also estimated that private consumption will grow 5 percent in 2010, and facility investment is also expected to post a double-digit expansion of 11 percent next year.

Meanwhile, exports will increase by 13.2 percent in 2010, compared with a 13.9 contraction this year, while imports will surge 21.1 percent next year compared with a 26 percent decline this year.

Consumer prices are expected to rise 3 percent next year from 2.8 percent for 2009, and the country's current account surplus will reach 15 billion U.S. dollars in 2010, the report said.

For the labor market, the report said the number of people employed will increase by 200,000 person next year.

The International Monetary Fund (IMF) on Tuesday also revised up South Korea's growth outlook to a 0.25 percent expansion from its earlier forecast that the economy would contract 1 percent this year.

For 2010, the IMF predicted Seoul's economy will mark a 4.5 percent gain, up from the previous 3.6 forecast.