Next week, the first quarterly economic growth rate of the Korean economy is announced.

The government plans to submit to the National Assembly a supplementary budget bill that is less than 7 trillion won.

The Bank of Korea (BOK) will announce the GDP growth rate in the first quarter of this year on the 25th, but there are many observations that the economic growth rate in 1Q is likely to fall to 0% of the previous quarter.

If we do not miss our forecasts, we expect to see the lowest growth rate in five quarters since the fourth quarter of 2017 (-0.2%).

The Bank of Korea (BOK) lowered its GDP growth forecast for this year from 2.6% to 2.5% on the 18th, because experts say that the deterioration in the indicators was more than expected from the beginning of the year mainly due to exports.

In fact, exports were down year-on-year during the first quarter.

The government will issue a supplementary budget bill in 2019 to the National Assembly on the 25th after a Cabinet meeting on October 24.

This is the third time for the government to be involved in the preemptive countermeasures against downside risks, response to fine dust, and disaster recovery assistance.

Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki met with reporters on October 10, saying, "I think that the total amount of surplus will not exceed 7 trillion won."

In addition, the Democratic Party and the Government have agreed to deal with this issue within the extraordinary session of the National Assembly in May.

(Photo: Yonhap News)