S. Korea's ICT industry to maintain boom in 2018

SEOUL, Nov. 5 (Yonhap) -- South Korea's information communication technology (ICT) industry is expected to enjoy a boom year in 2018, an economic think tank said Sunday, although the nation's construction segment is set to face a tumble due to tougher real-estate regulations. Hyundai Research Institute said the rising global demand for chips and displays sustained the South Korean ICT industry this year, and the trend will likely be continued going forward. Global tech giants are expected to engage in tougher competition in the field of artificial intelligence, which will lead to the growth of the smart home industry, sparking further demand in the field, it said. The researcher said local automobile makers are also expected to enjoy strong returns next year due to an increase in its exports following the recovery of the global economy, along with the release of new environmentally friendly models. The government's cut in the budget for infrastructure, along with regulations on loans for properties, however, might emerge as a major drag on the construction industry, it added. The slowing Chinese economy and potential increase in global oil prices are also expected to weigh on South Korea's petrochemical industry in 2018. Hyundai said the government should actively revitalize domestic demand and roll out customized polices for different industries. South Korea should prepare for the looming protectionist trade policies by major countries, it said. colin@yna.co.kr (END)