South Korea's economic growth will be 4.5 percent this year on the back of reviving consumer spending and business investment, the Samsung Economic Research Institute ( SERI) predicted on Thursday.

The think tank said in a report that it upgraded the outlook from the previous 4.3 percent due to a fast recovery in consumer spending and business investment, and expects the economy to post a gradual expansion from now on.

The Consumer spending in South Korea is expected to increase 4. 4 percent this year from a year earlier, compared with the SERI's previous estimate of a 4 percent advance. Exports are expected to rise 10.6 percent.

The country's economic growth is forecast to reach 4.2 percent in the first half and 4.7 percent in the second half, the SERI said.

Source: Xinhua