The Bank of Korea (BOK), South Korea's central bank, predicted on Tuesday that the country's economy to grow 4.4 percent in 2007.

The BOK said the gross domestic product of South Korea is expected to advance 4.4 percent in 2007, down from an estimated 5 percent advance this year.

"Despite stabilizing oil prices, growth in private spending will likely slow in 2007 due to a low employment rate and high household debt," the central bank said. "Export growth will fall next year in line with a global economic slowdown."

According to the BOK, the economy will gain 4.7 percent on-year in the second half of next year after advancing 4 percent in the first half.

Most of the economic sectors, except for the construction industry, will record lower on-year growths in 2007, the central bank said.

Source: Xinhua