Nomura: Improved domestic demand to fuel S. Korea's growth this year

recovery in domestic demand from a better housing market will drive South Korea's economic growth to a sharp upturn this year, Nomura said Friday, casting a rosy picture after a protracted slowdown in the past few years. The South Korean economy will likely expand 4 percent in 2014 from a year earlier, beating the global average of 3.4 percent, Kwon Young-sun, a senior economist at Nomura, said at a media briefing. "We believe there's built-up demand that will come as a strong backdrop for growth, supported by government measures to boost the property market," Kwon said.here