The Korea Economic Research Institute(KERI) has raised the country’s growth target for this year by four-tenths of a percentage point to two-point-nine percent.
 
In a quarterly report released on Thursday, the institute cited favorable investment conditions and growing exports driven by global economic growth as the ground for the upward revision of the growth rate from two-point-five percent projected in March.
 
The think tank, however, expected consumption in the private sector to grow only one-point-nine percent this year, down zero-point-six percentage points from last year. 
 
The consumer price growth this year was expected to record an average of one-point-eight percent while the unemployment rate was forecast to inch up to three-point-eight percent from three-point-seven percent last year.