Korea's central bank upbeat on growth

SOUTH KOREA - South Korea's central bank has raised its forecast for economic growth in 2002 after a robust performance in the October to December period last year.

Unlike many of its East Asian neighbours, South Korea managed to avoid recession in 2001.

A mix of strong spending by South Korean shoppers and government-supported construction projects boosted the economy in the final months of last year.

In the three months from October to December 2001, growth was up 3.7% on the same period of