It is already November, the time of year when market economists embark on the annual ritual of forecasting macroeconomic indexes for the following year - an exercise fraught with uncertainty, at best. Economic forecasts are based on several assumptions, which may or may not come to pass. Historically, the U.S. and Chinese economies, oil price dynamics, geopolitics and the foreign exchange market have been key external factors affecting Korea’s economy. Next year will be no exception, in our view, with added policy risks caused by the U.S. presidential election next year.