Abstract
South Korea's gross domestic product expanded 2.6% in 2015, from 3.3% in 2014. The feeble private consumption following the Middle East respiratory syndrome outbreak and slumping exports held down growth. The unclear export prospect has led Korean policymakers to remain dependent on extra government spending for maintaining growth in 2016. In the long run, its growth will depend on its shift from exporting intermediate goods to high technology intensive products and high value-added services.
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