South Korea's economic growth is expected to outperform Japan's growth for the 15th straight year in 2013 amid doubts whether Japan's Abenomics will pay off, data showed Monday.
Abenomics refers to a mixture of aggressive monetary and fiscal policies preached by Japan's Prime Minister Shinzo Abe.
The world's third-largest economy may grow at an average of 1.8 percent this year, according to growth estimates compiled by the Japan Center for Economic Research. In 2012, the Japanese economy grew 1.9 percent.
Japan's gross domestic product, a gauge of economic performance, grew 0.5 percent on-quarter in the third quarter after expanding 0.9 percent. In the first quarter, its GDP advanced 1.1 percent from three months earlier.
But the South Korean economy is on the gradual recovery path on the back of fiscal and monetary stimulus.
The Korean economy grew 1.1 percent on-quarter in the third quarter, topping market expectations. The Bank of Korea (BOK) forecast that Asia's fourth-largest economy would grow 2.8 percent this year and 3.8 percent in 2014.
If realized, Korea's economic growth is likely to outperform Japan's growth for the 15th consecutive year in 2013, according to data compiled by the BOK.
With the exception of 1998, when Korea's economy contracted 5.7 percent due to Asia's financial crisis, Korea's economic growth rate has topped Japan's growth. In 1998, the Japanese economy declined 2 percent.
Analysts said that although Japan is ramping up efforts to boost its economic growth under the name of Abenomics, there are still doubts whether the aggressive economic policies can generate the intended growth.
Japan is aiming to boost the economic growth to 2 percent and raise inflation to 2 percent by pursuing the economic policies. (Yonhap News)
