South Korean economy will see mild improvement

South Korean economy is supposed to see gradual improvement in the nearer months due to services as well as domestic consumption, the country's major financial institution informed in a regular report on regional growth on Monday.

In July and August, the overall pace of economic growth had slowed moderately in most regional economies, as an assessment from the Bank of Korea's 16 regional offices nationwide states.

As for exports, they are expected to remain sluggish, though supposed to gradually revive, the report added.

Manufacturing is expected be mostly steady in coming months compared to the period of July and August, though semiconductor as well as smartphone production will edge up  in the area surrounding, Chungcheong Province, Seoul and in Daegu.

Services will be backed over the near term on more tourists visiting South Korea on top of plans for nationwide discount sales at retail stores in September and also October, the country’s major bank reported, part of a government scheme to stimulate economic activity.


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