SEOUL, Aug. 4 (UPI) -- The South Korean economy is expected to rebound strongly in 2010 following a year in which the economy grew 0.2 percent, a government research group said.
The Korean Institute for Industrial Economics and Trade is a think-tank that produces reports separate from the official government data.
KIET predicted Wednesday the South Korean economy would grow 5.8 percent this year with a 24.4 percent increase in exports compared to 2009, the Yonhap News Agency reported.
Domestic consumer spending is also expected to grow this year, KIET said.
The gross domestic product estimate is 0.1 percentage points shy of the government's forecast of 5.9 percent growth this year. But KIET predicted net-positive trading with the United States would reach $27.7 billion, $4.7 billion higher than the government's estimate.
The growth rate would be the highest since 2002, when the GDP grew 7.2 percent, but this time the gains are in comparison to a recessionary year.
"In addition to exports and consumption, the high annual growth reflects sluggish gains posted in 2009," KIET said.