South Korea's economy is to grow 4.3 percent in 2007 on the back of expanding exports and stabilized oil price, said a major economic research institute in Seoul on Thursday.

"The Korean economy will particularly benefit from one global trend -- lower projected oil prices in 2007," said Hong Sun-young, executive director of the Samsung Economic Research Institute, at a luncheon with foreign correspondents.

Hong predicted the economic growth rate at 4.0 percent year-on- year in the first half next year due to weak exports and stagnant domestic consumption.

However, South Korea's economy will bounce back in the second half with a growth rate of 4.6 percent thanks to exports' rise and consumption recovery.

Hong said his institute sees the global economy growing at 3.4 percent in the second half of 2007, after marking 3.1 percent growth in the first half.

Source: Xinhua