The Korea Economic Research Institute forecast that South Korea’s economy will post growth of two-point-six percent next year. That’s the same as the projection the institute issued earlier in September.
 
The think tank on Tuesday also marked up this year’s economic growth outlook from two-point-four percent to two-and-a-half percent.
 
The institute said that South Korea’s economy will continue to be L-shaped in 2016.
 
The agency stressed that in order to overcome low growth, South Korea must target China’s domestic market, promote research and development as well as swiftly reorganize businesses.
 
The institute said it retained its outlook for next year amid a continuous slump in exports and as the government has few options to ease the sluggish domestic demand.
 
The institute projected that exports will post growth of only nine-tenths of a percent next year and that a slump in private consumption will continue in 2016.