IMF predicts S Koreas economy to grow 4.1% this year

SEOUL, June 24 (Xinhua) -- The International Monetary Fund (IMF)said Tuesday South Korea's economy is expected to grow 4.1 percent in 2008 amid the soaring oil price and slowdown of the global economy.

"Korea's economy is facing challenging global circumstances. High global food and fuel prices are expected to weigh on consumption and are contributing to rapidly rising prices," Jerald Schiff, assistant director of the IMF's Asia and Pacific Department.

"As a result, growth is expected to moderate to 4.1 percent this year, before picking up in 2009," he added.

Jerald Schiff is currently visiting South Korea to exchange views on macroeconomic conditions, budget, taxation and other financial issues confronting Asia's fourth-largest economy, according to the Ministry of Strategy and Finance.